Can Funds be Wired Between Escrow Companies?
Why is it a Good Idea?
Did you know that some banks require that wired funds stay in the account for 24 hours before they can be wired back out? How can this affect your timeline when coordinating the sale of one home and the purchase of another? Real estate works off of calendar days, so the impact on timing can be significant.
Suppose the seller's proceeds are wired into their account and arrive on a Friday. They may have to wait until Monday to wire funds and depending on the time of day the wire is initiated, funds may not arrive until Tuesday. Valuable days can be lost.
All of that can be avoided if the escrow companies are authorized and instructed by the client to carry out their instructions to wire some or all of the proceeds from the sale escrow to the purchase escrow.
If the client is moving out of the area and the listing doesn't have any involvement in the purchase, I think it is still the agent's responsibility to let their client know funds can be wired from one escrow to the other.
It is a convenience that clients simply do not know is available to them. Why not make things easy on your clients? A move is stressful enough and anything that can streamline even one thing can be exceptionally helpful.
It is often said that the small things really are the big things and it's true.
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JILL MURTY | 949.355.5321