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how long does it take to close on an all cash deal? and what do i need for proof that i have the funds to buy documents of my bank statements. and how are the funds transfered can i get a certified cashiers check or does the money need to be wired
Your bank can provide a letter sufficient for proof of funds to back up your cash offer.
At closing, a bank check (cashier's check) should be acceptable -- the title company might want your check our wire transfer a few days in advance of the formal closing ceremony.
Is the place you want on the MLS? If so, get a buyer's agent who will work for the co-broke fee so he can help guide you through this.
yea the house is on the mls. i am working with agent and she wants me to do a wire transfer? that's kind of impossible with no wells fargo in portsmouth. so i thhought it would be best if i got a certified cashiers check. i also have copies of all my bank statements to in case she needs em
yea the house is on the mls. i am working with agent and she wants me to do a wire transfer? that's kind of impossible with no wells fargo in portsmouth. so i thhought it would be best if i got a certified cashiers check. i also have copies of all my bank statements to in case she needs em
Okay. Speak with her on the phone to verify she really wants you to do this, instead of just following instructions sent via email. There are some bad scams going around involving hackers getting into agent's emails and asking for wire transfers.
First, has the owner signed the sales contract and have you laid down an earnest money deposit? Or do you need proof of funds before the owner will sign the sales contract?
If you can get a cashier's check from your bank, you can also have them wire the funds. The title company or lawyer can give you wiring instructions.
Do not wire funds to the owner or the real estate agent, but only to the escrow account of the title company or a lawyer specializing in real estate.
Are you planning a title search and title insurance?
Somebody, usually your attorney in the absence of bank financing, is going to prepare a closing statement which will give you a bottom line of the amount of money you will need to remit at the closing. You'll need a bank treasurer's/cashier's check, usually payable to the law firm's escrow account. Length of time to close depends on how speedy various people do their paperwork...your attorney, title ins co, home inspection, the date the seller will agree on, etc. Probably 2 weeks is the minimum.
I just sold my house last week on an all cash deal. The shortest time will be the amount the title company needs to research the title and get the paperwork in order. About 2-3 weeks. They can hold your funds in escrow and will tell you how you can arrange the funds for closing day.
In short, hire a title company and they will tell you what to do next.
With respect to the difference between wired funds and a cashier's check, a cashier's check can be forged, wired funds are available immediately. Nowadays, the parties to the sale want to be paid at the closing, not wait a week or so for a check. That's why wired funds are preferred.
When we closed (land purchased) our attorney provided me a total cost breakdown and I wired the money to his account a few days ahead of the closing. When we showed up at the closing he had all the paperwork available for signatures and checks for the seller, the state fees, the seller's agent and my buyer's agent.
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? and what do i need for proof that i have the funds to buy documents of my bank statements. and how are the funds transfered can i get a certified cashiers check or does the money need to be wired
. so i thhought it would be best if i got a certified cashiers check. i also have copies of all my bank statements to in case she needs em
