Closing on a house - check or wire transfer?
 

Hi all,

Recent buyers -- When you purchased your home in TV, did you give a cashier's check or did you do a wire transfer? If you did a wire transfer, did you do a test transfer first (e.g. $1.23) just to make sure that everything was okay?

Thanks!

Kevin

We used a wire. Had it done a day or two ahead of time to be sure no problems day of closing.

Wire transfer, no test. Ended up sending three wires. Escrow and two other payments for the balance out of two separate accounts. It all went smoothly. In fact, there was no mention of money at the closing!

We had opened an account at Citizens First Bank (Developer owned) prior to closing. On closing day they just sucked the money straight out of our account.

I used a bank check. Instant proof of payment. I don't trust wire transfers.

May or may not apply. We paid off our bond. I was a bit surprised that they did not ask for a certified check or a bank draft. They took a personal check. We do not keep that much money in our checking account. No trouble transferring the money having that clear and then writing the check.

Wire.

Wire transfer a few days before the closing. We did not do any test. Banks do this all the time.

Did a wire transfer. Unfortunately, the esteemed, all knowing, benevolent, and all powerful Developers employees couldnt find it.

Why, i dont know..bit they eventually did find it among all the other wires.

Thank the Lord that the Villages Wizard of Oz found it or id have to just sit at the bar at Citifire

Wire transfer

Apparently, some people pay for the house before they go to the closing? I got a bank check and brought it to the closing. I didn't hand over the check until the deal was done. If something had gone wrong at the closing, I wouldn't have provided the check. Also, I don't see any advantage to doing a wire transfer, if you are doing an in-person closing.

We did a wire due to the fact that there was no time for a bank check.

Who does an in person closing anymore? And why?

We’ve done both recently, I prefer the remote version when selling. The only paper I am interested in there is the check or wire receipt.

Wire transfer and emailed the title office for a confirmation.

Wire transfer, call recipient before and after.
I know someone who had funds stolen, FBI returned the money.
3 day window to track down the $

Two week ago, I owned 3 houses. We just closed on the selling of our NJ home. We used a wire for the buying one for all cash and half down on the other and a check for the selling. It took a few days for the check to make it's way from NJ to here, but it's deposited now. Our lawyer (NJ real estate sorta requires a lawyer, Fl does not) would not wire the proceeds from the sale unless we signed a paper holding him harmless if it got stolen somehow. We just took the check, shrug.

Wire, three days ahead and then call the receipting bank to confirm, and always keep the wiring receipt

Call the Closing Department and ask. They’ll tell you what they require and suggest.

Why would you rely on what someone tells you here?

Hi. Do your research, including a chat with your real estate agent, title company and your bank. It seems wire transfer a few days in advance of the transaction is the preference. Excerpt below from a Florida Title Company.

“At *** of South Florida, we’ve used both wire transfers and cashier’s checks in the past, but like most title companies, we now require wire transfers for all of our real estate closings. They have proven to be the most reliable and safest choice for transferring money at closing.”

Good summary of pros and cons of checks and wire transfers from the same.

Cashier’s Check vs. Wire Transfer: Which Is Safer for Your Real Estate Closing? - Title Partners of South Florida

We used wire transfer a few days before closing as our bank, real estate agent, and title company all recommended wire transfer over a bank check.

Good luck!

Test transfer????? If you dont trust your bank that much, then use a cashiers checks

Suitcase:boom:

It is very easy to transpose numbers when setting up the wire transfer or even misunderstand the wiring instructions. It isn’t the bank, it is the user.

Wire Transfer
 

Wire transfer, while at the bank I called the escrow company and made sure the instructions were correct. We were in another State when we closed, we really didn’t have a choice. If I was attending the closing I would of brought a cashiers check with me.

Wire transfer - because of Covid we weren't able to do anything else because we are in the UK and don't have a chequebook (they are not used in the UK anymore - so last century:1rotfl::1rotfl::1rotfl:

We did a wire transfer last October. The bank handled everything. We were in and out of the closing in 15 min. Basically had our photos taken for ID cards and signed a few papers. Walked across the street and bought a golf cart. We did a walk through the night before on a house that was turn key. We had arrived with our suit cases and golf clubs, the only things we had to buy for the house were a tea pot, an ironing board and a Mr. Coffee.

Exactly. I estimate that there have been approximately 800 electronic transfers with my checking account, excluding electronic bill pay. Including electronic bill pay, who knows, thousands?? I pay my quarterly estimated taxes electronically. I have never seen an issue.

Close
 

We closed 4 weeks ago. We handed them a cashier check and they handed us the keys. We bought a new house in Hawkins.

paid cash

We closed in February, first time buyers of real estate in TV.

We were told "wire transfer"...no choices. This is how it's done. That's what we were told.

I can't remember if that was the decision of the title company. It was a MLS listing, not through The Villages Realty.

I remember being uncomfortable with it. Never did it before and it seemed like some potential for screw up existed. I also seem to remember some documents signed that basically said "IF we screw this up, it's not our problem"...lots of fun.
But, it all worked out.

100s and fifties?

Be super careful with a wire transfer.. don’t accept wire transfer instructions over the phone or from unknown or strange emails

Wire Transfer
 

We did a wire transfer for final payment. Money being held by attorney in IL. He transferred and sent us proof money was received. Went to closing. They asked for final payment. Gave them copy showing The Villages bank account had received payment. Someone else with the same name as attorney (Miller) was closing later. They had received credit for our payment. Luckily, our closing was first and could be straightened out easily.

Good advice. Our banker asked us from where we received the wire information. He specifically asked if it was emailed to us. It wasn’t, but he did say that it is a rising trend, wire transfer fraud.

No brainer...Definitely do a wire transfer! It is much safer than a cashier's check, and it will give you peace of mind. When you are talking about a large sum of money, wiser to play it safe, and pay the stupid bank fee, (ours was $15 or $25, cant recall exactly), but well worth it. Incoming and outgoing wire transfer fees vary in price.

We closed in April and did wire transfer. They gave us the information on where to send it we checked it and sent it.

Cashiers check. Easy peasey!

We bought two homes over the last two years. We used multiple wire transfers without issue... except for the anxiety it seems you are experiencing. It's a leap of faith to just enter some numbers on a form and your money disappears.

Wouldn’t your wire go to the title agency/settlement agent? No worries getting your money back.

We sent the check via priority mail so we could track it.