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I am a buyer who recently got my written offer accepted for a condo. I will be paying all cash. The home inspector was available the next day on a Saturday, and he said there is nothing wrong with the unit. Won't be asking for any repairs.
My deposit was wired to the escrow company. Seller's disclosures will be arriving in a day or two. Just waiting on the HOA documents which could take a week. There are 12 days until the intended closing date. I am willing to close sooner than that since I want to move in ASAP.
Right now all the funds to close this deal are sitting in my savings account. My secret fear is that they will be frozen by bank error or identity theft when the time comes for me to pay off the rest. So, I am considering wiring the rest of the balance now,,, 12 days ahead of closing.
What are the risks or likely nightmare scenarios of paying way ahead of time? I appreciate your advice.
I'd keep the money in MY name at MY bank. Not in somebody else's (i.e. the escrow companies) pocket.
I think your "secret fear" is a bit paranoid, but it might be worth going to the bank officer and explaining why there's so much cash in your account. If you really want to, bring the documents that show where the money came from (which I assume was wired in from an investment account or something).
I'd keep the money in MY name at MY bank. Not in somebody else's (i.e. the escrow companies) pocket.
I think your "secret fear" is a bit paranoid, but it might be worth going to the bank officer and explaining why there's so much cash in your account. If you really want to, bring the documents that show where the money came from (which I assume was wired in from an investment account or something).
I am a buyer who recently got my written offer accepted for a condo. I will be paying all cash. The home inspector was available the next day on a Saturday, and he said there is nothing wrong with the unit. Won't be asking for any repairs.
My deposit was wired to the escrow company. Seller's disclosures will be arriving in a day or two. Just waiting on the HOA documents which could take a week. There are 12 days until the intended closing date. I am willing to close sooner than that since I want to move in ASAP.
Right now all the funds to close this deal are sitting in my savings account. My secret fear is that they will be frozen by bank error or identity theft when the time comes for me to pay off the rest. So, I am considering wiring the rest of the balance now,,, 12 days ahead of closing.
What are the risks or likely nightmare scenarios of paying way ahead of time? I appreciate your advice.
Just as likely that there will bank error, with the escrow account or that the money will be stolen from that account.
We paid cash for our house and paid the amount to the law firm handling our closing (our attorney). He brought a check from the firm to pay the balance.
We paid cash for our house and paid the amount to the law firm handling our closing (our attorney). He brought a check from the firm to pay the balance.
Maybe it's just my general opinion of lawyers, but that's the LAST place I would put it.
Unless you have some crazy actitivies in your bank account, I wouldn't get a bank check drawn yet.
You do want to know the process of getting the bank certified from your local branch. It's not a huge deal and can be done at the counter with manager approval. They may/may not charge you a fee depending on your relationship with the bank.
When you get the HUD1, that's when you will know approximately what to bring to the table and who it's made out to. I usually include a few hundred extra and have the closing company cut me a check.
Chances of something going wrong with your personal account, of which you know a great deal, versus chances of something going wrong with a corporate/attorney/trust account of which you know nothing?
I would keep my money close to my chest for as long as possible.
I would NOT pay anything up front other than exactly what is required.
There is just too much that is unpredictable and unknown for your money to be anywhere other than in your own hands. Every hear of Murphy? He was an optimist!
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