Perhaps VA doesn't use escrow for closing. Every real estate transaction I've done has involved either my hand carrying a cashier's check to a title company or picking up a paper check from a title company. Even if you don't make a mistake typing in an account or routing number, there have been instances where someone did a wire, and the funds did not show up in a timely manner at the destination after being debited from the source. That scenario would be unwelcome stress when closing a real estate transaction.When I sold a house in 2017 I was told at the closing that wire transfer was the ONLY way the funds would be transferred from the buyer's bank (that was in Virginia).Given the frequency of real estate transactions for the average person, it is unclear to me why someone would not just hand carry a money order to a title company or pick up a paper check in person after settlement if a seller, at least when feasible.
When I bought a house in Colorado in 2002 I brought a cashier's check for the down payment to the closing. The mortgage company was going to wire their funds later in the day. The agent explained that this was a common real estate business practice.
When I bought a house in 1993 (also in Colorado) I brought a cashier's check to the closing. When I sold that house in 2002 a check was mailed to me.
Statistics: Posted by Northern Flicker — Thu Aug 08, 2024 2:55 pm — Replies 39 — Views 2955