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If you decide to have the money wired to your bank, be sure your bank doesn't charge to receive a wire transfer. I had no idea mine did ($25.00) but because I went in and whined, and was a long time customer, they reversed it.
Direct deposited into our checking account 3 days before our house was SUPPOSED to close - it ended up closing 3 weeks later. But ours was a relocation with my hubby's company, and as soon as we had a signed contract we had the set purchase price even if the deal fell through. [And if it had to be relisted and the RELO company sold it for more, we got the extra $ and if it sold for less the RELO company ate the loss.]
Yes not the norm and yes we are EXTREMELY grateful for hubby's work's relocation policy, and hope it is still in effect if/when he gets transferred again.
Location: Chapel Hill, NC, formerly NoVA and Phila
9,775 posts, read 15,776,851 times
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Okay, I am a bit annoyed. We are supposed to settle tomorrow (Friday) as the sellers, and I just found out that the settlement company won't record the deed until Tuesday (Monday is a holiday), which means we are paying 4 more days of interest on our loan plus not receiving our proceeds for 4 days. I am annoyed that my realtor didn't look out for our interests and let me know about this in advance. I don't see what benefit I have to signing the papers on Friday if it won't get recorded until Tuesday. I just feel like waiting until Tuesday to sign. Ugh!
Okay, I am a bit annoyed. We are supposed to settle tomorrow (Friday) as the sellers, and I just found out that the settlement company won't record the deed until Tuesday (Monday is a holiday), which means we are paying 4 more days of interest on our loan plus not receiving our proceeds for 4 days. I am annoyed that my realtor didn't look out for our interests and let me know about this in advance. I don't see what benefit I have to signing the papers on Friday if it won't get recorded until Tuesday. I just feel like waiting until Tuesday to sign. Ugh!
Did the settlement company give you a reason for the delay? I'm not in VA, but here in MA we strive to put things on record the same day. It doesn't always happen but we usually don't know that in advance like this.
Also, I'm not sure how it works in your state but here you don't legally own the property until the deed is on record. So, when something like this happens here, we don't hand over the keys to the house until the deed is on record. A threat like this might give the other side sufficient motivation to also be upset with the settlement company. If both parties are unhappy for the same reason, something might get done to get it fixed.
Location: Chapel Hill, NC, formerly NoVA and Phila
9,775 posts, read 15,776,851 times
Reputation: 10880
Quote:
Originally Posted by MikePRU
Did the settlement company give you a reason for the delay? I'm not in VA, but here in MA we strive to put things on record the same day. It doesn't always happen but we usually don't know that in advance like this.
Also, I'm not sure how it works in your state but here you don't legally own the property until the deed is on record. So, when something like this happens here, we don't hand over the keys to the house until the deed is on record. A threat like this might give the other side sufficient motivation to also be upset with the settlement company. If both parties are unhappy for the same reason, something might get done to get it fixed.
It's not really a delay. It's apparently how it's done around here. I believe by VA law, they cannot record it until the next business day. I just wish my Realtor who has been in the business since the 1970's had pointed this out to us. We would have asked for settlement to be moved up per day.
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