Why Isn't Escrow Taking My Check!?

By
Services for Real Estate Pros with Fidelity National Title 540-EA-52017

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

julie@boothescrow.com

 

 

 

Comments (2)

Chris Griffith
Downing-Frye Realty, Bonita Springs, FL - Bonita Springs, FL
Bonita Springs Listing Specialist - Agent

There is a little responsibility on the part of the agents for gauging expectations of buyers/sellers.  I let them know up front that the majority of title companys only handle wires due to fraud.  When they put the thought of THEIR money in the same sentence with fraud they don't mind wire fees.  

Aug 01, 2014 10:18 PM
Julie Booth
Fidelity National Title - Federal Way, WA
Keeping the parties informed of the escrow process

Yes, thank you Chris you are the exception in real estate agents.  Great job!

Aug 04, 2014 01:31 AM