Send the wire transfer
You’ve finally made it to the end – only a few more steps to go. Now comes the painful one; parting with your hard earned dollars. It’s time to pay the down payment and the closing costs.
3 days prior to closing, your mortgage lender will email you an estimate of your down payment and closing costs (Closing Disclosure).
You may be allowed to use a certified check although many title companies have a limit on how much they will accept as a certified check at settlement. Please let me know if you prefer to use a certified check. The check is written out to the title company.
For Wire Transfers:
Our transaction coordinator and/or the Title Company will send you the wiring instructions. Please wire the money minimally one day prior to settlement. Confirm with the title company prior to sending the wire as a precaution to avoid fraud. Double check the instructions you received came from the appropriate email address. If you are uncertain, contact me. You typically have to go to your bank no later than 3pm the day before settlement to do the wire transfer. Verify in advance what time your bank stops accepting same day wire transfers as it’s not the same as their regular business hours. Therefore, they may be open until 8pm, but the cut off for same day wire transfers is 3pm. In that scenario, you’re going to need to finish the wire transfer prior to 3pm. We can’t state loudly enough how important it is that the wire transfer be done at least the day before. If you don’t transfer the funds the day before closing, closing may be delayed.
Once you’ve sent over the wire transfer, email me so I can check to make sure the Title company received the funds. IMPORTANT: do NOT follow wire transfer instructions unless they were sent to you by the escrow closer from the Title company. There are a lot of scammers out there who have been hacking into Realtor and Title emails lately and sending buyers fraudulent wire transfer instructions in an attempt to divert your $ into their accounts. Before you transfer your funds, call the escrow closer directly to confirm the wire-transfer instructions. DO NOT rely on the phone number in the email as this number could be fraudulent as well if the email is fraudulent. Look up the phone number for the escrow closer through Google or by asking me. I cannot stress enough how careful you need to be when sending over your wire transfer to make sure it isn’t being directed to a fraudulent account.
IF you think you were sent hacked instructions- WE NEED TO CALL THE FBI IMMEDIATELY. Call Shaina and the FBI asap as there is a small glimmer of hope the FBI can get your money. Many buyers have been left SOL after sending their money to the wrong account.
