Many moons ago I knew more about mortgage loans than the average bear. I closed my fair share when I worked at a bank. We didn’t wire money when paying off other loans – we cut bank checks for the amounts plus the per diem to allow for mailing.
I’ve also bought and sold a few homes in my time too. Not once was there a wire transfer of funds at closing.
Today is the day I wire money to purchase a home. There’s a first time for everything.
UPDATE!
My money has been wired and received for the closing tomorrow at 11:00 AM. I got a call at around 7:00 PM tonight from the abstract company saying we might not close after all because Father dude may not sign the deed that includes a few feet of the house.
This latest development comes AFTER Father dude made them survey it 4 times (and put in a new driveway) to be satisfied insofar as the property line. He went to the abstract company today and said he’s not signing until his daughter pays him money — quite a chunk of money.
No sleep for the weary.
I probably won’t sleep tonight worrying what will happen next. If it doesn’t close tomorrow, the attorney explained the next steps since we have a signed purchase agreement. It ain’t pretty and I sure hope we don’t have to go there. I’m guessing the sellers will figure something out… I just hope it’s before tomorrow morning at 11:00 AM ET.