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I really appreciate the guidance you all provided to an earlier question I had -- and now I have another one.
The closing for some jointly owned sibling property has been set for September 8, but we haven't yet seen the final documents (including survey). The listing agent said we should be able to pick up the checks on September 13. (It's more than a two-hour drive away.) I'm uncomfortable with the idea of signing closing papers, but not getting a check for five days. A trusted advisor told my sister not to go with a wire transfer because of increased fraud.
Is this unusual? Why can't we just get the check(s) at closing?
With proper precautions, no reason not to do a wire transfer. I wouldn't trust the word of the listing agent. Speak directly with the closing agent. Sometimes mortgage lenders are slow to fund (like one day later) but 5 days later would be unacceptable to me. I've never had a closing that took that long to fund.
A trusted advisor told my sister not to go with a wire transfer because of increased fraud.
Is this unusual? Why can't we just get the check(s) at closing?
Thanks in advance for your input.
When I signed the closing documents for my last house purchase, the title company gave me hardcopy instructions for the wire transfer. As long as you have instructions directly from the title company (i.e., not via email or some website) your wire transfer should be secure.
I would definitely be cautious. We always received a check at closing until last year when we were told that a wire transfer is preferable. I was VERY nervous about that, but it went just fine.
In any case, I have NEVER heard of a delay in issuing closing checks.
The fraud your friend mentioned is primarily a risk to buyers. They receive emailed wiring instructions that appear to come from their agent or closing agent but the account and routing belong to the scammer. Since you are receiving money (as I understand it) there is no real risk for you as long as you give the closer your correct info. I imagine the delay in getting a check is probably a worst case scenario taking into account postal timing. Actually, the worst case is that the check gets lost and a replacement could take much longer. I’d definitely go with the wire
If it's a two hour drive for your agent could it be that they can't fit that into their schedule for 5 days? Did you ask your agent what the reason for the delay is? If you don't like their explanation then call the title company directly.
Quote:
Originally Posted by bbronston
The fraud your friend mentioned is primarily a risk to buyers. They receive emailed wiring instructions that appear to come from their agent or closing agent but the account and routing belong to the scammer. Since you are receiving money (as I understand it) there is no real risk for you as long as you give the closer your correct info. I imagine the delay in getting a check is probably a worst case scenario taking into account postal timing. Actually, the worst case is that the check gets lost and a replacement could take much longer. I’d definitely go with the wire
I agree. Fraud is more of a risk for the person sending out the wire than the person receiving it. I always tell my clients to only give/accept wiring instructions over the phone. Most of the time fraud is done via email/text.
I would personally just have the funds wired and then you don't have to worry about waiting to receive a check.
The fraud your friend mentioned is primarily a risk to buyers. They receive emailed wiring instructions that appear to come from their agent or closing agent but the account and routing belong to the scammer. Since you are receiving money (as I understand it) there is no real risk for you as long as you give the closer your correct info. I imagine the delay in getting a check is probably a worst case scenario taking into account postal timing. Actually, the worst case is that the check gets lost and a replacement could take much longer. I’d definitely go with the wire
That's helpful to know, thanks. With the check, they're not mailing it. We have to drive two hours to go pick it up. I'm okay with the wire transfer, but there have been so many glitches along the way that I don't have confidence in the "professionals" we're working with on this... The buyers have an attorney, but the listing agent/realtor is having us represented by a "service." Maybe we should have officially gotten our own attorney...?
If it's a two hour drive for your agent could it be that they can't fit that into their schedule for 5 days? Did you ask your agent what the reason for the delay is? If you don't like their explanation then call the title company directly.
I agree. Fraud is more of a risk for the person sending out the wire than the person receiving it. I always tell my clients to only give/accept wiring instructions over the phone. Most of the time fraud is done via email/text.
I would personally just have the funds wired and then you don't have to worry about waiting to receive a check.
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...
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 more time; "Call the closing agent/attorney/title company and ask when you can expect your wire/check." The listing agent is not the one cutting the checks.
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