Payment at Closing Question

[Brandon Hoffman]

Originally Posted by SFSGood

Excellent advice and I will call and ask for faxed instructions.

Then I'll wire the $5. If that goes through I'll know that I haven't made a mistake myself.

Thanks to the three of you. And I'll keep reading later replies.

Or you could do as you were advised and simply call the attorney/title company and verify the info you were emailed.

[jackmichigan]

Never rely on emailed instructions for wire transfers. (Whether it's a first or a second email.) You should call the published phone number to verify the wiring instructions.

Although Cashiers/Bank Checks are easy to counterfeit, I haven't heard of them being used very often to purchase real estate. Usually the fake checks are used to purchase personal property which can be taken away, never to be found again. Real estate is rather difficult to hide.

[LifeIsGood01]

Originally Posted by SFSGood

We're about to close on a home purchase. The title company sent a letter with an estimated mount due at closing (it's a cash deal, no loan involved) and instructions on how and when to wire them the money.

So while waiting for the final number I see an article about people losing their down payments in scams that have them wiring the money elsewhere. That's bad enough.

But we're paying for the balance. I'd prefer to give them a certified check, or whatever is used these days as so much in banking has changed over the years.

I'd appreciate advice on how to proceed, whether to provide the check in advance, etc. Of course, I'll check with the title company but the person so far assigned our account seemed vague on another question and my agent told me she's an assistant. So I don't wish to rely on her and find we can't close when we should. And our agent worked hard, but has limited experience.

I'll add, we're in another state and may or may not be present.

Thanks.

If you know its from the title company and you call and verify the number just take it to the bank and they send the money.

There should be a system in place where a pin is created and the receiver has to get the pin by phone to be able to have access to the funds, that would stop a lot of fraud.

[dblackga]

Always CALL your contact at the title company and confirm the wiring instructions. Do not follow anything you receive via email. It's a simple precaution that makes things go much more smoothly. Any kind of paper check can be faked, these days, which has made closing companies wary of taking cashiers/certified checks.