How do I get funds into my escrow account on Maui?

By
Real Estate Agent with Hawai'i Life Real Estate Brokers HRE# 58089 - RS

How do I get funds into my escrow account on Maui?


You just got an accepted offer for a home on Maui!  Yippee.  Now what?  What kind of funds are required, and how do they get there?  Here are some tips from Hawaii Mortgage Company to help make your Maui transaction flow without any issues.

Bank of Hawaii - Paia Maui

Bank of Hawaii - Paia Maui

Initial Deposit, Earnest Money:
The initial deposit cannot be in the form of cash.  It should be in the form of a personal check that comes from your account, and be prepared to provide two months of bank statements to your lender.  The funds should not be from the account of your real estate agent or anyone else.  Cashier’s checks and funds wired from your personal accounts are acceptable.
 
Additional Deposits to Escrow:
If you have sufficient time until closing, a personal check will be accepted.  Escrow companies will place a hold on these funds until they clear your bank.  In Hawaii this can take a long time, so be prepared to wait.  It's best to either walk in a cashier’s check, or wire the funds directly to escrow.  Do you really want to delay the sale because your funds are on hold waiting to clear the bank?
 
Final Closing Funds:
The only choices you have are to either wire your funds from your bank directly to escrow, or provide a cashier’s check.  The cashier’s check has to be from a local bank.  They will not accept mainland issued cashier’s checks or personal checks.  When wiring funds, please be sure to communicate directly with your escrow officer by phone and email since this will probably be a lot of money and you don't want to risk it.  Wire fraud happens!
 
As a reminder, all funds have to come from accounts whose statements you provided to your lender.  You can never use funds that are not documented.  And last – never bring cash to the table!

Bank of Hawaii, Pukalani Maui

Bank of Hawaii - Pukalani Maui
 

Thanks for reading my Maui blog...

Buying or selling real estate on Maui?  That's what I do.  Let me help YOU.

Georgie Hunter R(S) e-Pro, Hawai'i Life Real Estate Brokers
127 Hana Hwy. #G, Paia HI 96779
E-mail or call/text: 808 283-0635

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Topic:
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Location:
Hawaii Maui County
Groups:
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Tags:
escrow
transaction
maui
funds
bank statement
deposits
bank of hawaii
buying a home on maui
initial deposit
personal check
closing funds
cashier check
wiring funds

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Rainmaker
2,670,738
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Georgie, here in my market we pretty much only want Wire in the Earnest Money and also just Wire in the rest of the funds... It has been over 15 years since I have taken checks from buyers to deliver to the Escrow Company, interesting how we do thinks differently, Endre

Apr 28, 2018 10:59 PM #1
Ambassador
1,552,181
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

We do still deposit EM in the form of checks, unless a buyer is from out of the area. However, the rest of the funds are usually wired. 

Apr 29, 2018 06:57 AM #2
Rainmaker
1,497,414
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Georgie - I live in New York and bought a home in Florida.  I was so easy with wire transfer and docusign.

Apr 29, 2018 09:34 AM #3
Rainmaker
3,481,318
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Georgie, excellent information for buyers wondering about how they can get their funds to closing!  

Apr 29, 2018 06:20 PM #4
Rainmaker
1,345,249
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

Thanks for your comments on my blog!

 

Apr 29, 2018 06:35 PM #5
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Rainmaker
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Georgie Hunter R(S) 58089

Maui Real Estate sales and lifestyle info
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