August 2018

Found 2 blog entries for August 2018.


The reason it seems like it is so hard to get a mortgage approved when you are self-employed is actually twofold. First, the document-gathering-discovery-phase is especially rigorous and second, the evidence requirements have so many more moving parts and potential landmines.

Just what is the liquidity test?

The liquidity test measures the ratio of liquid and near-liquid assets to current liabilities.  There is no liquidity test for all regular W2 income folks.

Self-employed folks documentation begins with 2 years of tax returns; personal and business, all pages, all schedules, all everything. Add in the year-to-date Profit & Loss Statement, current Balance Sheet, a letter from an accountant proclaiming that the business has been a going

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There are several professions that require advocacy.  Among them are Attorneys, CPA’s, and Real Estate Agents.  As you consider these; Attorneys have to go through law school before they can become an advocate.  CPA’s generally spend some time in public accounting to learn how to become an advocate.  Real Estate Agents are considered advocates after they have concluded a 75-hour real estate class.

One Who Appears on Behalf Another, and Who is Called to Provide Support

In the case of Real Estate the only way that one can appear on behalf of another, is to be a client.  This is not much different than Attorneys and CPA’s.  In order to be a client, one has to sign a  Buyer Brokerage Engagement; or as a Seller sign a formal Listing

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