In creating a winning offer, there are steps you can take that will make or break your chances of getting your offer accepted. Not having your down-payment funds ready to go is one of those things!
Although the phrase “I don’t have $120,000 chillin’ in my checking account” is almost comical, I can imagine it is true for most of us. The funds for your down-payment are likely all over the place. Some in stocks you plan to sell, some in an overseas account, and maybe some gift money from good old mom or dad. Regardless of where that money is right now, you need to get it all moved into your primary checking account BEFORE you submit your offer.
Really??? Can’t I just get the gift money or sell my stocks AFTER my offer is accepted?
To be blunt (I’m sure you expect that out of me by now), no. If any of the money that you are using as a part of your down-payment or closing costs is not “readily available”, you must disclose that in your offer. By disclosing that information, the listing agent or seller could perceive your offer as less strong than another offer, even if you are offering the same (or similiar) price and other terms.
Look, you are going to have to move that money anyway. By being proactive, you can greatly increase your odds of getting that house/condo/townhouse/houseboat that you really want.