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This is an escrow type question. I'm in a contract with a bank out of Dallas, on a property in Phoenix. The contract says close by November 20 and then it was moved to the 18th. On the 11th, I contacted the EO and said that I planned on doing the final wire for the balance on Monday the 16th. She got right back to me and said everything was fine and she was just waiting on final signatures from the bank. I emailed her on the 13th and asked if she had final sigs. She stated that they would be coming closer to escrow. My question is: Should I wait for her confirmation that she has all of their signatures before I wire the balance. This is a cash deal on a condo. I just don't want my 23,000 getting tied up for a month in a half if they are dragging their feet. I want the pressure to be on them to complete the deal.
It doesn't matter. It's your money, and if you wire it to the title company and then need it back, you would get it back probably same day. They cannot hold extra money for too long as their books need to match. If your deal doesn't close, they have no rhyme or reason to hold your money... the longer it's at the title company, the less interest you're making on it in the bank.
They are already holding my 1000. I'm not worried about the interest on the other 22,000. I'm just wandering if I can compel them to close or refund all of my money at a certain point. I don't want to hear this "waiting for signatures crap" until Christmas....nor do I want to be the one applying the pressure and calling them everyday to get a runaround. The last one I did was "subject to senior management approval" even though we had a ratified signed sales contract. This contract calls foer me to pay 25 per day if we don't close by the 20th, but it would not be my fault.
Giving the title company money has nothing to do with your loan officer getting your loan through the underwriting and closing departments. The bank isn't going to care if you have money there as they already know you have the funds and are ready to bring them whenever you're approved.
They are already holding my 1000. I'm not worried about the interest on the other 22,000. I'm just wandering if I can compel them to close or refund all of my money at a certain point. I don't want to hear this "waiting for signatures crap" until Christmas....nor do I want to be the one applying the pressure and calling them everyday to get a runaround. The last one I did was "subject to senior management approval" even though we had a ratified signed sales contract. This contract calls foer me to pay 25 per day if we don't close by the 20th, but it would not be my fault.
Read your contract and bank addendum to find out how closing delays are handled and your cancellation rights. Typically, you are not liable for penalty fees if the bank causes the closing date to be missed.
Also based on your original post, I don't see where there is a problem at this point. The EO said everything is on track, and you still have plenty of time to close. As mentioned, you can wire your money to escrow, and you will get it back if the bank does not hold up their end. It is not unusual to provide buyer funds and then wait for the final bank signatures.
Giving the title company money has nothing to do with your loan officer getting your loan through the underwriting and closing departments. The bank isn't going to care if you have money there as they already know you have the funds and are ready to bring them whenever you're approved.
Falconhead, OP said this is a cash deal, no loan involved. He was referring to escrow officer, not loan officer.
In AZ (where the OP is buying) the funds have to be available by the close of escrow (COE) date. COE in AZ is when the deed is recorded at the county recorders office. Generally, buyer should sign docs and provide funds at least 3 days prior to COE if financing to allow time for the loan to fund. Cash can cut it closer as long as wire clears by COE date. Our contract says to have documents and funds available "...in sufficienient time to allow COE to occur on (closing date)".
My wire can be there in two hours. How long could it possibly taske them to get all of the final, final signatures? The home is owned by a Dallas based mortgage company, which is now owned by Tennesse National Bank, but the owner's address is the same as a nearby Freddie Mac property. There the ones with the issues, not me. If they can't do it; I just want to find another one asap; as I will be living out of a rent-a-car, and incurring expenses of approximately 100 per day, and that is eating at Denny's. We do have the signed contract, so I would have legal recourse, but I don't want to sue someone (time and money) and I don't know of too many people who collect suing the federal governement. Just part of the creepiness of doing an REO transaction. A week from now, I will probably be in my place with my new frig (filled with cold brew) that I already have ordered and it will seem like nothing. I guess it wouldn't be a real estate transaction without feeling like you're getting raked across the coals a little. They will be taking a 87,000 Dollar loss on a 22,000 Dollar deal--go figure, Ebomanomics 101.
Your ok to wire, money should just sit in escrow till everything from all parties are in.... escrows are neutral... sometimes
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Escrow
