This week I had a borrower that needed more cash for a real estate transaction, so he decided to sell his boat.
Here’s how to structure the sale of an asset for a mortgage…
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.
That’s it for today!
Have a good day! …and thanks for reading.
Brett
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