Subject to Settlement, A cautionary message

By
Real Estate Agent with AllMountainRealty.com

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

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Charlie Ragonesi All Mountain Realty Big Canoe and Mountain Blog

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

We sell Homes                                                    

 

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Rainmaker
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Toula Rosebrock
Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ
Broker/Sales Associate, Realtor, Lacey Township,

Hi Charlie:

It's always got to be certified funds.

In real estate, there's nothing worse than a deposit check bouncing!

Nov 04, 2010 05:07 PM #1
Rainmaker
647,143
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

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  It is best if it withdrawn from the account into certified funds payable to the listing broker.

 

Jan 11, 2011 08:19 AM #2
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