Selling Personal Assets

You may be thinking about selling some assets to raise funds for a down payment, closing costs or reserves, it’s important you follow certain procedures to document this process.

Lenders are very strict about the documentation in this process, so it’s important that no steps are bypassed or missed:

• Investment assets (i.e. real estate, stocks, coins, art or antiques) and items with a title (i.e. cars, boats, motorcycles, jet-skis, etc.) are acceptable assets to sell for the purpose of providing funds for down payment and closing costs.
• The following documentation is REQUIRED:
• Evidence of ownership, such as a title
• Current appraisals of the item such as:
• An independent appraisers report
• A letter from a specialist in the industry 
• Kelly Blue Book printout for the vehicle
• A bill of sale
• Proof of receipt of funds including:
• A copy of the check or funds payable to you 
• A copy of the deposit slip showing you've deposited the funds into your account
• The sales of non-investment assets such as household furniture in which proof of ownership, value and the transfer of ownership cannot be documented are not acceptable for down payment and closing cost funds.
• The sale of a borrower’s only automobile is not acceptable.

If you have any questions at all, please feel free to contact Security First Financial Services at 360-755-1549.