My husband and I closed on our home yesterday and we really want to move in this weekend. How long does it usually take to fund and record so we can get the keys? We're in Lehi, UT and we closed at 4:30pm yesterday. Our house was $245,000 if that's important. Thanks!
2007-09-14 09:09:43 · 8 answers · asked by Whitnie d 3 in Business & Finance ➔ Renting & Real Estate
If everyone was doing their job, the money should have been wired to the title company yesterday morning and the recording should not matter as the transaction has been completed. It is possible that all of the closing conditions were met too late in the day to complete the wire transfer yesterday, in which case the seller would have to agree to a "dry close" and the money would have been wired over in the morning today. I am curious as to where your keys are and why they have not been given to you because as of right now, you are responsible for any damage done to the house. Is there a realtor involved in the transaction? Were the sellers or yourself and your husband represented by an attorney? Did you ask the closing agent at the title company that question yesterday? These are all questions that need to be asked of these people who were involved in the transaction.
2007-09-14 09:30:25 · answer #1 · answered by iggy_68 2 · 0⤊ 0⤋
Since this question was asked about 3pm, and it's 11pm now, I hope it's a mute point now and that you're real tired from moving all that furniture this evening.
Closing is when you sign. Funding is when the money is released by the lender for the title company to give to the seller. Funding is what we all wait for before we allow the fat lady to sing.
Funding usually takes about 2 to 3 hours after the last party closes. (that's why we try not to close on Friday afternoons) Did you both (buyer and seller) sign Thursday? If your credit is OK, then it should not have taken until Friday afternoon to fund. The lender isn't waiting for some last document from you, are they?
If your loan was for "challenged credit", it's actually possible (it's happened this year) that the lender who was to do the loan closed down sometime Thursday or Friday and no longer has money for loans.
Again, I hope this is a mute point - I hope that you'll sleep in your own bed, in your new (new to you) home, all tired out from moving in - a really happy kind of tired.:)
2007-09-14 17:16:10 · answer #2 · answered by teran_realtor 7 · 0⤊ 0⤋
I agree with the previous answer, unless you had a funding problem. Demand the keys from the seller/ Realtor, or proof funding was not accomplished. No one I know, ( I have audited loans in all 48 contiguous states), waits for recording of the transaction. Also , call your lender, and find out if they wired the funds, remember , you are THEIR customer. If it was a mortgage broker, don't call them , call the lender on your closing papers, (to whom you will be making pmts. to and ask them directly! Hope this helps, Good Luck!
2007-09-14 09:29:55 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Call the attorney or title company, it should have recorded today as long as they received the wire from the lender. Closing that late in the afternoon it probably didn't close yesterday. But, I'd give them a call to make sure or see what the hold up is.
2007-09-14 09:24:38 · answer #4 · answered by Anonymous · 0⤊ 1⤋
1
2017-02-10 03:25:10 · answer #5 · answered by Ball 4 · 0⤊ 0⤋
On a purchase, the transaction should fund and record on the same day.
2007-09-14 09:18:36 · answer #6 · answered by jonakak2003 1 · 0⤊ 0⤋
If you closed on your home yesterday, you should have received the keys at closing! Something stinky is going on here!
2007-09-14 09:53:11 · answer #7 · answered by Bostonian In MO 7 · 0⤊ 1⤋
Was on Yahoo for something or other, but this topic was displayed on the sidebar...
2016-08-24 15:57:47 · answer #8 · answered by Anonymous · 0⤊ 0⤋