Went through something similar last year—thought I had all my ducks in a row until the lender started asking about my "emergency plumbing fund." Didn't even know that was a thing...but now I do, haha. Better safe than sorry, I guess.
Had a similar surprise myself—thought I was good until they asked about my "roof replacement reserves." Apparently, lenders have a whole list of these hidden gems. Wonder what other unexpected funds people have run into during the process?
Ran into something similar when they asked about "landscaping reserves"—didn't even know that was a thing. Another friend mentioned lenders sometimes want to see funds set aside for appliance replacements, especially if they're older units. Seems like every lender has their own quirky list of reserves, so it might help to ask upfront what exactly they'll be looking for... saves you from those last-minute surprises.
"Seems like every lender has their own quirky list of reserves, so it might help to ask upfront what exactly they'll be looking for... saves you from those last-minute surprises."
Haha, exactly—it's like lenders have a secret bingo card of random reserves they pull out when you're least expecting it. Ever had one ask about "roof replacement reserves"? I mean, roofs are important, sure, but how do they even decide what's next... driveway resurfacing reserves? Definitely worth asking upfront to dodge those curveballs. Has anyone else run into other weird reserve requests?
Yeah, lenders definitely have their quirks when it comes to reserves. Roof replacement reserves are actually becoming more common lately, especially if the property inspection flags the roof as nearing the end of its lifespan. I've also seen lenders ask for reserves related to HVAC replacements or even landscaping maintenance—talk about random. Usually, these oddball requests pop up when the appraisal or inspection highlights something specific, or if the lender had a bad experience with a similar property in the past. It's always smart to clarify upfront exactly what they're looking for, because nothing's worse than scrambling to meet some obscure reserve requirement right before closing. Has anyone dealt with appliance replacement reserves yet? Ran into that one recently and it caught me off guard...
