Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I have done wire fund transfers from many states in the union. Have trouble believing that a wire is not workable. Other options are a cashiers check or (gasp) cash. I once personally got caught in such a situation where BofA refused to immediately credit a cashiers check. Took it back to the bank of issue...got it in cash and walked it back to BofA. Kind of interesting to be walking along the street with $35,000 in your pocket.
Just some input from a non-real estate agent. In PA, funds have to be held for 3 days in escrow after closing because a buyer has 3 days to change their mind. How would a simultaneous close affect this because you cant go buy a new house, on funds being held for 3 days in escrow.
Just some input from a non-real estate agent. In PA, funds have to be held for 3 days in escrow after closing because a buyer has 3 days to change their mind. How would a simultaneous close affect this because you cant go buy a new house, on funds being held for 3 days in escrow.
Not on a RE buy. It is true on a refi. But not on a purchase...unless PA is different from the other 49...
I have done wire fund transfers from many states in the union. Have trouble believing that a wire is not workable. Other options are a cashiers check or (gasp) cash. I once personally got caught in such a situation where BofA refused to immediately credit a cashiers check. Took it back to the bank of issue...got it in cash and walked it back to BofA. Kind of interesting to be walking along the street with $35,000 in your pocket.
Where there is a will there is a way.
But.... We're real estate agents, Realtors. Isn't $35,000 minimal walking around money?
Just some input from a non-real estate agent. In PA, funds have to be held for 3 days in escrow after closing because a buyer has 3 days to change their mind. How would a simultaneous close affect this because you cant go buy a new house, on funds being held for 3 days in escrow.
I'm not quite clear on this. When escrow closes, the deal is done. The new owner gets keys and can move in.
I know that in some states there is a 3 day recission law, but I believe that is 3 days after signing the loan documents. Therefore, the loan docs would need to be signed 3 days prior to the scheduled Close of Escrow date, or the Close will be delayed.
I'm not quite clear on this. When escrow closes, the deal is done. The new owner gets keys and can move in.
I know that in some states there is a 3 day recission law, but I believe that is 3 days after signing the loan documents. Therefore, the loan docs would need to be signed 3 days prior to the scheduled Close of Escrow date, or the Close will be delayed.
Please correct me if I'm wrong.
Bill
Not sure myself which is the reason I asked, hoping someone could clairify.
I remember when buying a home, that the funds for that home was being held in a cashiers check by the title company and would be held for 3 days.
If I'm selling a property, and the funds from that property gets held for three days by the loan company because the buyer has 3 days to reconsider the loan, how would I use those funds at a simultaneous closing to buy another property? I cant really give someone else a check on funds that I wont have credited to my account for 3 days (because the seller has 3 days to change their mind on the loan) now can I?
Right doesn't apply to all loans
The right of rescission is not available for all mortgages. Most importantly, there is no right of rescission for a mortgage made to buy a house. Borrowers and lenders can get tangled up in whether a mortgage is a purchase loan. Take, for example, the way financing is set up for many built-to-order houses. You get a short-term construction loan while the house is being built; then, after the house is finished, you pay off the construction loan with a permanent mortgage. You don't have a right of rescission with either loan because both are considered purchase money.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
