What Does Wedding Gift Money Have To Do With Buying A House? Plenty!
Just when you think you've heard it all, along comes another bank story........
I was speaking with another agent today and we were discussing a deal we are in together. Chase is involved in this transaction and we were talking about what Chase needs from my seller's buyer, etc. It's something really ridiculous but it's moving along.
She proceeds to tell me that she had first time buyers that were married about six months. They buy a home and everything is moving along very well. Then, Chase gone and done it! They wanted a photocopy of every single check that were wedding gifts deposited into their account six months prior.
Banks always want to verify large sums of money deposited into your accounts. That is understandable. In this case, hundreds of checks had to be photocopied and they had a few days to do it or else the entire mortgage process had to start all over again. This is because someone had a brain-fart and didn't require this in the beginning.
Word to the wise: Photocopy all the gift checks you receive when you get married. Especially if you are going to be buying your first home shortly after your wedding.
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