Gift money from parents won't arrive on time - Any suggestion?

[Anonymous]

why not use it pay down principal?

Anonymous wrote:We just discovered that a hard-to-come by unit came on the market and we are seriously considereing putting our offer.
We are already pre-qualified with full-fledged letter from the lender for the loan amount (i.e., no need to receive gift money).
But, my parents is willing to send me some gift money (the amount that doesn't trigger the gift tax).

Problem is this gift money probably won't arrive before placing an offer.

What happens if we set up a mortgage now and use the gift money when it reached us to pay the portion of the loan,
after the mortgage payment start.
Can I do that?
Or, should I wait till we recieve gift money to set up a mortgage?
Is there differences in the mortgage amount if we top the downpayment first or
making a huge one-time (?) mortgage payment in the middle of the loan history?

Assuming, no pre-payment penalty and also would love to be flexible for choosing the reduced montly payment over a reduced payment term.

Thank you!!

[Anonymous]

Hello, OP here.

We worked diligently with our agent and lenders, but we could not get the unit we wanted...... Too bad.

The prospective buyer came out with a number that was too good for the seller to pass out.

Unit sold less than 3 days...

Well, such is the nature of this market, so we understand.

Anyway, thank you all for the helpful pointers!!! We shall incorporated these suggestions in the next hunt!!

Again, thank you!!!!

[Anonymous]

Anonymous wrote:Hello, OP here.

We worked diligently with our agent and lenders, but we could not get the unit we wanted...... Too bad.

The prospective buyer came out with a number that was too good for the seller to pass out.

Unit sold less than 3 days...

Well, such is the nature of this market, so we understand.

Anyway, thank you all for the helpful pointers!!! We shall incorporated these suggestions in the next hunt!!

Again, thank you!!!!

Kids in their 20's "pass out", adults actually "pass up" unqualified offers like yours.

[Anonymous]

Have your parents put the money in your account now, so it's available for when the next unit comes up.

Consider it a gift, don't become dependent on it, and be willing to give it back if your parents start trying to rule your life because of it.