I recently bought another rental property in Northern VA. I chose Wachovia as the lender due to their attractive rates.
As part of underwiriting, I was expecting to be asked for my leases and I was.
The next question was unexpected, they asked me to provide bank statements showing depositis that matched the rents in the lease. I highlighted the statements and sent them along.
1 day before closing I was asked for copies of the checks from my renters. I dont keep those, which significantly raised my stress level. I had to get on a 3 way call with my bank (BoA), while Wachovia and BoA went line by line through my deposits and looked at the signer on the check.
I.E. A check in the amount specified on the lease, signed by the person identified on the lease, was actually deposited to my account.
things are different now. Clsoing the barn door well after the horse has left...
As part of underwiriting, I was expecting to be asked for my leases and I was.
The next question was unexpected, they asked me to provide bank statements showing depositis that matched the rents in the lease. I highlighted the statements and sent them along.
1 day before closing I was asked for copies of the checks from my renters. I dont keep those, which significantly raised my stress level. I had to get on a 3 way call with my bank (BoA), while Wachovia and BoA went line by line through my deposits and looked at the signer on the check.
I.E. A check in the amount specified on the lease, signed by the person identified on the lease, was actually deposited to my account.
things are different now. Clsoing the barn door well after the horse has left...