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Once both parties sign documents, the loan must be funded and that can take 3-4 hours or so. If both parties close early in the morning you should have your money by 2-4 pm. Bring a voided check and let the Title Company wire the funds into that account.
If you close later in the day, the loan may not get funded till the next morning and wires don't go out after about 4pm.
So close early and wire the funds. A wire from the Title Company to You is not a problem for fraud.
I won't even tell you about the Lender that went Bankrupt back in 2010 after we all had signed and given the keys to the little lady with 3 kids who moved in that night.
They recalled all the funds because of the bankruptcy and we had to have the Lady and 3 kids evicted from her new home that she thought she just bought.
The agent just said she was asking the "attorneys" (plural) questions regarding the check and when the money would be available.
I wonder if we (the siblings/sellers) should have gotten our own attorney, and not trusted the listing agent to handle everything...
One closing attorney is the norm. It's not often that a seller benefits from their own attorney. I'd personally just use the one and have them wire the funds. They should be able to send you the wire same day/next day depending on when the loan is wired.
As an IT security professional and someone with two generations of corporate bankers in the family, I can assure you that wire transfers are a perfectly safe manner in which to receive your funds.
As the recipient the risk is on the sender, not you, if that's even something you might worry about. You'll need to provide a bank routing number and account number to the title company/closing agent. As soon as things are funded, which should be the same business day as the closing (unless it's late in the day) your funds should be on deposit.
As a previous poster mentioned, yes, there is fraud with wire transfers, but it's primarily on the buyer's side where they're given bogus information prior to closing by someone who sends them a bogus email with wire instructions. Title companies will go to great lengths these days to inform and educate buyers about potential fraud and how to avoid it.
And again, the title company is the go-to on this, not the agent. Period.
Once both parties sign documents, the loan must be funded and that can take 3-4 hours or so. If both parties close early in the morning you should have your money by 2-4 pm. Bring a voided check and let the Title Company wire the funds into that account.
If you close later in the day, the loan may not get funded till the next morning and wires don't go out after about 4pm.
So close early and wire the funds. A wire from the Title Company to You is not a problem for fraud.
I won't even tell you about the Lender that went Bankrupt back in 2010 after we all had signed and given the keys to the little lady with 3 kids who moved in that night.
They recalled all the funds because of the bankruptcy and we had to have the Lady and 3 kids evicted from her new home that she thought she just bought.
Thanks @Brandon Hoffman and @MortonR for relieving some of my anxiety about this process! I will share this with my siblings and maybe we can all sleep better tonight. :-)
Thanks @Brandon Hoffman and @MortonR for relieving some of my anxiety about this process! I will share this with my siblings and maybe we can all sleep better tonight. :-)
Even from someone who has done this numerous times, I'm always edgy about doing a wire transfer for big bucks. Something about sending thousands of dollars off into the ether is unsettling to me...
IF you would decide on a check, with the commission realtors make, he/she should personally deliver it IMO.
No. Real estate agents are not bonded couriers, and the OP is in a state where agents can be disciplined for acting as couriers.
I never deliver proceeds checks.
I work with systems that send out thousands of wire payments every day, often for very large amounts. Wires are how most of the world does their banking. I would have no worries about being paid by wire.
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