I had a borrower last week that wanted to sell his boat to raise money for a down payment on a house.
This is ok, but you have to do it properly in order to use these funds as a down payment.
Here’s how…
You must create a bill of sale reflecting the date of sale, asset to be sold, and the sales price.
The buyer’s and seller’s signatures are required on the bill of sale.
Copies of all checks, and deposit slips are also needed.
A picture of the item sold is also helpful.
Have a good day today! …and thanks for reading.
Brett
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