i am closing on my property monday, and am curious, do i use a cashiers check or certified check? my banker informed me that in wire transfer, there is a chance that i could lose the money, and i am obviously not ok with that. does anyone know which "check method" is preferred?
2006-11-24 07:01:10 · 8 answers · asked by whatzit2ya 1 in Business & Finance ➔ Renting & Real Estate
bring it all in bags full of pennies...
make everyone earn their money
2006-11-24 18:56:55 · answer #1 · answered by Ms. Balls 3 · 0⤊ 0⤋
Wire transfer should be one of the safest methods. It is curious that you were told you could actually lose your money this way.
I hope you are going through an escrow company who can be sure that all the monies gathered and distributed are done so legally and fairly. If so, I would think you could give either a cashiers check, a certified check, or a regular check. The escrow company will make sure the funds are there before they complete the real estate transaction.
If you are doing this just between you and the seller, then I'd be very very careful to make sure both parties are dotting all their i's and crossing all their t's. Purchasing a house is a huge financial transaction that really does require professionals being involved to help with the process.
Good luck.
2006-11-24 07:07:10 · answer #2 · answered by dualspace 3 · 0⤊ 0⤋
Unless the seller is offering to fiance the home themselves (that is very rare) then the seller always gets cash at closing. WHen a buyer gets a mortgage from a loan company the mortgage company sends cash to the title company and the seller gets cash. So you would not be able to negotiate any harder just because you "have" cash. The # 1 item that the bank says is true. The #2 and #3 would be true if you were using the cash as part of a down payment- and they will cause a problem when you refinance if you try right away. What your father is proposing will not help you get a lower price- it will cost you extra money when you get a loan later and just be a complication that you will hate. I believe you will have to wait a year or so before you attempt to re-fi.
2016-03-29 07:42:34 · answer #3 · answered by ? 4 · 0⤊ 0⤋
A cashier's check is best though any certified funds will do. A wire transfer to the escrow company would be safe; just have them give you the details in writing. Then go with whatever is cheapest.
2006-11-24 08:16:43 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
get a cashier check from your bank then you know for sure that it is good also take the bank managers business card with you
2006-11-24 07:06:27 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The escrow agent or title company representative should be able to tell you what form of payment will be acceptable. In fact, they should ALREADY have told you, in your paperwork. I suggest you call them today so you'll be ready on Monday.
2006-11-24 07:09:40 · answer #6 · answered by Berry K 4 · 0⤊ 0⤋
Bank check,buyer must go to bank to get one.I just bought house for cash.
2006-11-24 07:05:36 · answer #7 · answered by larry B 4 · 0⤊ 0⤋
certified check
2006-11-24 07:12:49 · answer #8 · answered by scottb03gt 4 · 0⤊ 0⤋