Closing on a house - check or wire transfer?

[kp11364]

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

[Stu from NYC]

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.

[Mrprez]

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!

[Kenswing]

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.

[retiredguy123]

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

[DAVES]

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.

[dewilson58]

Wire.

[biker1]

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

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

[Gpsma]

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

[MrFlorida]

Wire transfer

[retiredguy123]

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.

[Mrprez]

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.

[Gpsma]

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.

Who does an in person closing anymore? And why?

[Mrprez]

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.

[La lamy]

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
Wire transfer and emailed the title office for a confirmation.

[Decadeofdave]

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 $

[Malsua]

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.

[CoachKandSportsguy]

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

[Villages Kahuna]

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?

[Donegalkid]

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

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 (https://titlepartnersofsofl.com/blog/cashiers-check-vs-wire-transfer/)

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!

[Girlcopper]

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

[elevatorman]

Suitcase:boom:

[Mrprez]

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

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.

[D&BSmith]

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.

[Ashley from UK]

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

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:

[th2142a]

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.

[biker1]

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.

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

[Ptmckiou]

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

[bowlingal]

paid cash

[Laker14]

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.

[Mrprez]

paid cash

100s and fifties?

[richs631]

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

[Dot Rheinhardt]

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.

[Mrprez]

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

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.

[Bella6368]

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

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.

[Ritagoyer]

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

[Dee Smith]

Cashiers check. Easy peasey!

[Ski Bum]

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.

[Mrfriendly]

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

[Bilyclub]

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

[Jmerzrn]

Did a wire transfer today on a closing scheduled for tomorrow.







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

[Flyers999]

Did two wire transfers the day before. Had the same experience that GPS had. The clerk couldnt find it for several minutes which gave us a jolt of shock. Turns out she was searching by total amount, looking for one wire transfer. When I gave her the amounts of both, she found them.
The clerk, my wife and I were the only ones at the closing. The former owners were in a nursing home in NY, the realtor was on vacation.

[spinner1001]

We did a wire the day before closing during the early morning—- in case a problem occurred with the two banks there would be enough time for them to fix.

Confirm that the wiring instructions that you give your bank are the same as what you received from the developer by post (letter). There are some email scams with wires being misdirected. But don’t be afraid of wiring funds. Get the correct wiring instructions from a mailed package rather than from an email.

[Escape Artist]

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

Interesting you should bring this up. When my realtor told me I had to do a wire transfer, first for the deposit then for closing, I was taken aback. It seemed scam-like to me and I didn't understand why I couldn't get a cashier's check at my bank as there is a branch in TV. She kept saying, "that's the way it's done in Florida". I still don't get it. :confused:

[Laker14]

Interesting you should bring this up. When my realtor told me I had to do a wire transfer, first for the deposit then for closing, I was taken aback. It seemed scam-like to me and I didn't understand why I couldn't get a cashier's check at my bank as there is a branch in TV. She kept saying, "that's the way it's done in Florida". I still don't get it. :confused:

pretty much the explanation I got, as well.

[retiredguy123]

Interesting you should bring this up. When my realtor told me I had to do a wire transfer, first for the deposit then for closing, I was taken aback. It seemed scam-like to me and I didn't understand why I couldn't get a cashier's check at my bank as there is a branch in TV. She kept saying, "that's the way it's done in Florida". I still don't get it. :confused:
I would not accept that information from an agent. The agent works for the seller, not you. I got a bank check from my local bank and brought it to the closing. It just makes more sense to hand over a check instead of relying on someone else handling a wire transfer. Also, I would not pay for the house until I was satisfied that the closing was handled properly, and the seller signed the papers. Things can go wrong at a closing, and what do you do if the money has already been transferred? It doesn't matter whether you are in Florida or any other state.

[djcullen47]

Wire transfer with no problems.

[Westie Man]

100,000 extra appeared in my account . Don't remember if there was ever any explanation. A similar amount happened to a friend in the 70's.

[dewilson58]

Wire Transfers......there are safe ways and unsafe ways.

Cashiers' Checks...........there are safe ways and unsafe ways.


Write them a personal check, they will take.

[DaleDivine]

Wire transfer...
:pray:

[jimkerr]

Wire transfer

[retiredguy123]

Wire transfer or bank check, both are fine. But, a buyer authorizing a transfer of hundreds of thousands of dollars before the closing has actually occurred is not fine with me. I would never do that. Lots of things can happen. Suppose the house burns down hours before the closing? How do you get your money back?

[IRISHGIRL3US]

Wire