wire: Can I Write a Personal Check at Closing? - 02/11/11 02:40 PM
Can I write a personal check at closing?
The usual answer to this question is no.  Most closing attorneys/title companies can/will only accept a personal check for a few hundred dollars.  The typical maximum is around $500 or $1,000.  Funds for a real estate closing typically need to be in the form of a certified or cashier's check or wired to the closing attorney's escrow account. 
Sometimes, the closing agent for foreclosure properties will be located out of state.  In this situation, a wire will be required.  The use of a check in this case will cause a delay in the funding of the transaction.
Knowing … (2 comments)

wire: Getting a Gift for Closing Funds??? - Know the FHA Rules - 05/11/10 02:07 AM
As we are seeing more and more buyers getting gifts for closing funds, its crucial to make sure that everyone understands what documentation is required.  Contrary to the belief of many, funds can't just simply appear in your bank account with no explannation required.  Essentially, all deposits which do not show as a direct deposit from a borrower's employer, Social Security Administration, a pension fund, etc, must be verified.   The general rule of thumb for a "large deposit" is anything over $300. 
FHA does allow a gift from a family member, domestic partner, or someone with a demonstration long-term relationship to the borrower.  A gift letter containing … (2 comments)