This message applies to us in real estate but also applies to business in general. Here in Georgia the money goes into Escrow and then is dispersed. So If a buyer ,which happens most of the time, gives us a check for the Earnest money, I want it with enough time to clear. This is standard practise.

But what if a buyer or a renter, for that matter, wires you the money. This is a great way to get funds because you do not have to worry about them right? Not 100 percent right. The funds are given to you subject to settlement. This means that the sender of the funds has till the closing of the fed on that day to revoke the transaction. This happens VERY VERY rarely. But it does happen. So even if you are taking a wire make sure you have a day between you and the time the funds are being dispersed. You could be in for a nasty surprise. This goes for our business as well as others who are in business reading this post

****************************************************************************************

Charlie Ragonesi All Mountain Realty Big Canoe and Mountain Blog

On line at www.allmountainrealty.com Call at 706 579 1098

We sell Homes                                                    

 

 
This post has been included in Georgia Real Estate News Cherokee County, GA Real Estate News Ball Ground, GA Real Estate News
Post is included in group: Almost Anything Goes
Post is included in group: North Georgia Mountains
Post is included in group: Realtors®
Post is included in group: "Whacked"!!!
Post is included in group: Young at Heart

2 Comments on Subject to Settlement, A cautionary message

NOV
05
2010
540,443 Points 6 Featured Posts Outside Blog

Hi Charlie:

It's always got to be certified funds.

In real estate, there's nothing worse than a deposit check bouncing!
12:07am • #1
JAN
11
2011
410,665 Points 15 Featured Posts Outside Blog Called Shot Master

From a lending perspective, we must be able to verify those funds.  It is best if it withdrawn from the account into certified funds payable to the listing broker.

 
4:19pm • #2

Login or register to leave a comment
 
2011_0726_155007 Ambassador_large

Charlie Ragonesi Big Canoe homes Big Canoe, Jasper, North Georgia Pros

Big Canoe, GA

More about me…

AllMountainRealty.com

Address: 10436 Big Canoe, Jasper, Ga, 30143

Office Phone: (706) 579-1098

Cell Phone: (706) 579-1098

Email Me



Listings

Links

Archives

RSS 2.0 Feed for this blog