Although the Collect Funds Law has been around Washington State for a number of years, I still get alot of pushback from customers trying to save a few bucks by not wiring their funds to closing.
Because of all the fraud that exists, many companies will not close a real estate transaction without a wire transfer, which makes complete sense. I will accept a cashiers check, but it has to clear before I can complete the closing on your transaction.
This means that the check has to route "in state" and for Washington State, that means that the routing numbers need to begin with either a "325" or a "125" and then it can be used 24 hours after it is deposited.
Wire transfers are same day cash if the wire is sent early enough in the day and is the preferred method of funding in this day and age.
Last week I had a call from a bank representative, very angered that I would not accept their cashiers check on a short sale closing that HAD to record & fund the next business day. "Don't YOU KNOW that we are the largest bank in the world??" he shouted at me.
Good grief, as if!
Wiring funds is very simple to do & most banks do not charge much more than a cashiers check for that service on the plus side.
As always, if you have any questions, please call me.
Julie Booth
206-429-2696
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