All Forum Posts by: Shannon Wright

Lenders easily allow "donor" or gift funds to be used but you have to adhere to the lending guidelines. I would first confirm with your lender as to the max gift amount and then determine tax implications if any. Given that you have so much time before the sale, it may be suggested to just have her send you the money now and it will "season" in your own account and not present as gift funds to your lender anymore.

I literally just had a lender draw docs on 3/20, borrower signed etc. We get funding conditions on 3/24 and send them all in asap. We follow up on funding and they tell us that no loans are being funded until 4/1. I just followed up on funding and I am told they have halted now until 4/15. This is crazy!

The sale falling through would be determined by the buyer's willingness to take on a tenant if they are even able to (depending on loan, etc). The tenant's 60-day notice is what it is and eviction would be the next option, but like Aaron said, that option might be limited. 

Cali Assoc of Realtors just released a contract addendum with delay in closing and cancellation rights in it, related to CV. I wonder how many people will exercise the options under this new addendum...

WOW!! This is amazing. As an escrow holder, the NBP and DCE waivers are interesting, and this form becomes a cancellation form, too? Thanks for sharing! 

Hey John, 

I can help you close this deal and will provide all the proprietary escrow forms needed to solidify the terms since I would have to draft the docs anyways. You can always put the simple terms on the contract in a few lines and the minutia is sorted out on my escrow docs. 

If you are in Cali, this answer likely depends on your contract contingencies. You are still able to be financed, even though maybe not with the terms you want, so you are likely stuck with the situation. I would refer to your contract and professionals involved (since I dont know what state you are transacting in).

DO NOT sign the property over to yourself as POA, it is a self-serving act and could cause more issues! If that happened in Cali, title would not accept the deed as valid. If you can get him to sign a POA and deed, then just get a deed from him to you and the POA as a back up if you need anything else after the deed.

Not sure if my answer is different state by state, but in Cali, some title companies will allow certain activities to occur with dissolved companies under the idea of "wind-down activity" so maybe that is an angle that can be used?

Yes, we just have a 3rd party deposit form that will need to be signed by all parties, assuming it is in Cali. I would love to help !