checkClosing is looming for one of my buyers and I got an email asking:

"Do you know if I can get a cashier's check for whatever the total money down payment will be?  Out of principle I hate to watch banks take fees on both the sending and receiving ends of electronic transfer when the real cost of them for that transaction is less than paper."

My answer was yes, you can get a cashier's check for closing here in Austin, Texas.  It will need to be made out to ABC Title Company where we are closing.  The amount you bring to closing will not only include your down payment.  Once you get the final settlement statement you will have the accurate figure.  Remember, the adjusted amount takes into consideration credits for earnest money, option fee and prorated property taxes plus lender fees associated with the cost of your loan.  It is up to your lender to get papers to the Title Company so they can assemble the documents and get lender approval.  Electronic transfers can be accomplished with a simple call and are used to alleviate time and energy from going to your local bank.  The choice is yours.

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18 Comments on Austin Texas~Do I have to use electronic transfers for closing?

DEC
22
2010
1,242,529 Points 158 Featured Posts Outside Blog Called Shot Master

Good morning Dorie. Banks! They are a necessary evil aren't they...
7:28am • #1
487,977 Points 5 Featured Posts Localism Sponsor

We do the same here in Ann Arbor.  Give the consumer the choices and let them choose - convenience and cost are prot of the decision making process for them.  Happy Holidays Dorie
7:30am • #2
797,178 Points 80 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Good reminder advice Dorie...those dreadful suckers of fee funds are always sipping...best
7:36am • #3
509,027 Points 49 Featured Posts Localism Sponsor Outside Blog Hit Router Called Shot Master

Wire Transfers are great...I also think if the individual banks regularly they may waive the fee for them.   Canwe talk about Title Company's and Lenders who don't get the docs there until about two hours before the closing....argh...

Cindy in Indy
7:39am • #4
308,272 Points 104 Featured Posts Outside Blog Called Shot Master

Hi Dorie: Good topic--I have 3 closings that are all so cumbersome and complicated to the buyers--I would love to send this to all 3! It seems that anyone who can, is out to grab fees, or any money for that matter, at closings today---I am amazed at the number of people who have their hands out at the closing table. Nice job!
8:10am • #5
795,936 Points Outside Blog

The bank is in the business of making money...That is the name of the game.
8:34am • #6
937,552 Points 74 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Good information on a very common question Dorie.  Thanks for sharing your answer. 
8:40am • #7
277,344 Points 4 Featured Posts Called Shot Master

Great info, here at my bank, it's less expensive to do an electronic transfer.  I'll have to look into that.  Merry Christmas.
8:41am • #8
1,225,839 Points 79 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Good morning Michael,

Sometimes you feel you can't live with them but reality is you can't live without them!
8:56am • #9
1,225,839 Points 79 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Good morning Kathy,

It is good to give the buyer choices. Many times a buyer may get the cashier's check fee waived at their bank because of their status. It also might apply to electronic transfers. Never hurts to ask.
8:58am • #10
1,225,839 Points 79 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Good morning Ginny,

There are fees everywhere you look when dealing with the banks!!

 
9:15am • #11
1,225,839 Points 79 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Good morning Cindy,

You are right..many times when you ask they will remove the fees. Now lender papers to the Title companies..that's a whole other topic!! I have actually been blessed in not having to deal with many adverse situations. In fact some of the lenders have done an excellent job!!
9:17am • #12
1,225,839 Points 79 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Good morning Paula,

I agree it does feel like there are so many ancillary fees and they add up! I have a seller who is really questioning all his fees and rightfully so..there aren't many but they irritate him no end!!
9:19am • #13
1,225,839 Points 79 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Good morning Joshua,

You are right..and they do a very good job of making money!!
9:19am • #14
1,225,839 Points 79 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Good morning Anita,

We forget our buyers are not closing frequently and they forget the process..that is what we are here for to guide them through..one question at a time!
9:21am • #15
1,225,839 Points 79 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Good morning Gail,

It does vary from area to area. Charges can be negotiated.
9:22am • #16
905,569 Points 93 Featured Posts Attended Rain Camp Called Shot Master

I've often wondered why wire transfer fees are so exhorbitant. Seems like the banks would prefer them to taking the time to write out a cashier's check.
3:53pm • #17
1,225,839 Points 79 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Good evening Craig,

They got you coming and going and are going to charge you!
7:03pm • #18


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Dorie Dillard Realtor® Canyon Creek NW Austin TX homes for sale

Austin, TX

More about me…

Coldwell Banker United Realtors

Address: 9442 N. Capital TX Highway, Plaza Two Suite 150, Austin, TX, 78759

Office Phone: (512) 346-1799

Email Me

Author Bio: I was once a school teacher and still like the learning process. Only now I enjoy learning what dreams my clients have and what I can do to help them. I am a firm believer in asking the right questions. It is the only way to get answers that have helped me build an impressive business over the past 21 years and leave a trail of happy clients

Welcome to my ActiveRain real estate blog and profile. I'm a Realtor with Coldwell Banker United and specialize in NW Austin. Once a school teacher I still like the learning process. Only now I enjoy learning what dreams my clients have and what I can do to help them. Dorie Dillard, Real Estate Professional in Austin, TX

Dorie Dillard

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