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Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,311,234 times
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Quote:
Originally Posted by rrah
You will not be able to "pick up check" for the house purchase. Most title companies will not/cannot take any type of check (including cashier's checks) for amounts over $10,000--something to do with Federal laws. Unless this is an extremely inexpensive house you will need to have the funds wired to the title company.
When out of town for closing...crazy things can happen with closings and you gotta have them when all is suddenly alligned at times...we have the paperwork faxed to our location in advance so you can check the expenses. Whether we are buying or selling. (Actually there are tons of investors who are not on the spot either...and some who never even see their investments if they have a rapport with a good realtor.)
Will you have the paperwork overnighted to you to sign personally? And then you'd overnight it back? Or email or what? Give someone poa? Just considerations.
If possible you should be available to immediately answer the phone and spend some time on it at the time of settlement just in case. And also at the time of walkthru just in case. It would be perfect if you are able to see what any problem might be at the same time your realtor is looking at it. Not necessarily the entire walkthru if you're busy, but any problem that might be encountered. However, a pic sent is good too. Then you can be aware of what might be done about it, escrowed, settlement delayed, whatever.
Your own agent told you that you didn't need to attend, so why would you ask strangers? Your agent wouldn't have suggested it if it wasn't a common occurrence.
I am asking strangers because I have seen these so called "strangers" on this board be very helpful in answering questions. I just wanted to run the idea in front of a couple of people. There is nothing wrong with this, it is the purpose of this message board.
I know the answers I get here may be good advice or not, but all I was asking if there could be anything come up that I should be aware of.
Frankly, our real estate agent does not seem to be working for us and there are a lot of red flags, which are becoming more apparent.
He doesn't like it that the house we bought is such a long distance from his office but when we first arranged for his assistance, he said he would drive anywhere in the state. If the driving was a problem, we would have found an agent closer to the property. We just assumed he meant what he said.
Better question, Mr. FalconheadWest, why would you ask me "why I would ask strangers?", as if to belittle me for asking. That was a pretty rude question, when as a regular poster on this board, you would surely know why I am asking.
You will not be able to "pick up check" for the house purchase. Most title companies will not/cannot take any type of check (including cashier's checks) for amounts over $10,000--something to do with Federal laws. Unless this is an extremely inexpensive house you will need to have the funds wired to the title company.
Okay, I didn't know this. My agent is telling me I can pick up the check. I will just call the bank ahead and ask them about their wiring process and maybe I will not have to even go to the bank. That would save one step.
The amount is quite a bit over ten thousand dollars.
I am asking strangers because I have seen these so called "strangers" on this board be very helpful in answering questions. I just wanted to run the idea in front of a couple of people. There is nothing wrong with this, it is the purpose of this message board.
I know the answers I get here may be good advice or not, but all I was asking if there could be anything come up that I should be aware of.
Frankly, our real estate agent does not seem to be working for us and there are a lot of red flags, which are becoming more apparent.
He doesn't like it that the house we bought is such a long distance from his office but when we first arranged for his assistance, he said he would drive anywhere in the state. If the driving was a problem, we would have found an agent closer to the property. We just assumed he meant what he said.
Better question, Mr. FalconheadWest, why would you ask me "why I would ask strangers?", as if to belittle me for asking. That was a pretty rude question, when as a regular poster on this board, you would surely know why I am asking.
Thank you for your input, anyway.
One more thing I would like to clarify. We have not made this agent drive for weeks or even a lot of days. He showed us houses for one full day and then showed us the house we are buying on the second day. We then took him out for dinner.
We are not the kind of people that run an agent around for extensive periods of time and then not buy. We are serious buyers.
When out of town for closing...crazy things can happen with closings and you gotta have them when all is suddenly alligned at times...we have the paperwork faxed to our location in advance so you can check the expenses. Whether we are buying or selling. (Actually there are tons of investors who are not on the spot either...and some who never even see their investments if they have a rapport with a good realtor.)
Will you have the paperwork overnighted to you to sign personally? And then you'd overnight it back? Or email or what? Give someone poa? Just considerations.
If possible you should be available to immediately answer the phone and spend some time on it at the time of settlement just in case. And also at the time of walkthru just in case. It would be perfect if you are able to see what any problem might be at the same time your realtor is looking at it. Not necessarily the entire walkthru if you're busy, but any problem that might be encountered. However, a pic sent is good too. Then you can be aware of what might be done about it, escrowed, settlement delayed, whatever.
Thank you for your kind and detailed response. We will be sure to get the paperwork ahead of time and then overnight it if necessary. I wish I had someone I could give POA to, but my real estate agent has said several things that are not quite kosher (downright illegal, really), so I think it is best that we go to the closing. I thought at first he was honorable and above-board, but he has told me I could lie about something in the transaction and I will not do this. This is not honest and I want everything to be above board and honest.
I appreciate you mentioning the settlement delayed or escrow in case there are problems. I didn't think of this and as my real estate agent has told me he may not attend the closing or the walkthrough, due to the birth of a grandchild, we are going to have to look out for ourselves.
I'm not sure what the "????" mean. Perhaps this is not related to federal law, but a state law. I do recall it came about after the real estate/mortgage crisis. I do know that in my state every title company required any amount above $10,000 to be wired funds in order to be considered "good" funds. Personal checks are only accepted for small amounts ( a few hundred dollars for last minute changes). Title companies in this area stopped taking money orders--only certified checks.
Do you have an attorney for this transaction? Someone should be reviewing everything to make sure it's all in order and take possession of the keys. Will someone be there to do the walkthrough for you? It's not necessary for you to be there, physically, but somebody should be representing your legal interests.
I live in Florida and thru power of attorney had attorney close sale in CT.I wire transferred funds to his escrow account,cost me $20 on day before closing,very simple.As for walk thru we had our daughter do it the morning of closing,completely transparent.
In Ct only attorney can do closing,racket.In Florida a title company.
We sold a house in Salem Ark. and an attorney did closing,not sure if attorney is required in Ark.
I'm not sure what the "????" mean. Perhaps this is not related to federal law, but a state law. I do recall it came about after the real estate/mortgage crisis. I do know that in my state every title company required any amount above $10,000 to be wired funds in order to be considered "good" funds. Personal checks are only accepted for small amounts ( a few hundred dollars for last minute changes). Title companies in this area stopped taking money orders--only certified checks.
Thank you for the information. I am going to call the title company and see what is a good way to handle the money.
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