John Meussner, #MortgageMadeEasy Walnut Creek, CA 484-680-4852 (Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA,)

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Rainmaker
526,059
Mike & Eve Alexander
Buyers Broker of Florida - Orlando, FL
Exclusively Representing ONLY Orlando Home Buyers

Someone needs to go in and see the bank manager and stomp their feet.

Ignore what they say...you bet they can move money faster...also they can call the other bank to see if it has cleared. 

Usually it take the bank a day to clear, although they try to make you wait a week.

I have been very successful in getting funds released early.

Eve

Jan 19, 2018 03:03 PM
Rainmaker
1,504,610
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

I would take the check back to the issuing bank & get cash.

Jan 19, 2018 02:29 PM
Rainer
221,871
Caroline Gerardo
CMG Financial - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

The client should have gone to both banks and wired to escrow/title account. 

Bank has a right to put a hold on large funds as it can be redacted or NSF or worse.  Need to ask for an extension now and put seller on the real schedule. Buyer should pay a per dium late fee to the seller as they knew there was going to be a hold, but went ahead and deposited the check. 

Can they get gift funds? Execute gift letter and grantors bank statement and get it into Underwriting. The gift from a direct Relative can act as the float they need. Gift from Mom, Dad, sister brother could also come from a line of credit that relative has. Relative may pay a fee to disperse but the funds should not go into buyer's bank they should be wired to escrow/title

Jan 19, 2018 04:46 PM
Ambassador
2,344,089
Fred Griffin presently on Leave of Absence
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 Send Eve to the bank on your behalf... she will take care of it!  (See her answer on this page).

 Mike & Eve Alexander 

Jan 19, 2018 03:37 PM
Ambassador
3,183,277
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Why couldn't they just wire the funds? Just curious!

Yes, I've used Twitter to help others get their message across to the banks on several occasions. It WORKS!

Jan 19, 2018 06:08 PM
Rainmaker
5,262,244
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Cancel the check and have the funds wired.

Jan 19, 2018 03:03 PM
Rainmaker
1,477,296
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

I'm sure you found a solution....cancel the check and get a cashier check or transfer money online for a small fee?

Jan 19, 2018 03:00 PM
Rainmaker
679,899
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

I see your solution! Great job!

Jan 19, 2018 02:34 PM
Rainer
57,861
Annie Adjchavanich
ADHI Real Estate - Los Angeles, CA
CRE LA, Orange Co, SFV, South Bay, Inland Empire

I agree with Lyn Sims.

Jan 19, 2018 02:31 PM
Rainmaker
3,762,729
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Why what a mess. I guess I don't understand why this was not thought out before and gone over so everyone was on the same page. Why wasn't it just wired to the title company to begin with?

Jan 19, 2018 05:50 PM
Rainmaker
2,763,009
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

First I would blow my "stupid" whistle. That client should have been instructed on how to transfer the funds and wire funds to escrow. This kind of crap happens when clients are not guided and instructed. 

"Client was not sure what to do..." Wow! 

It would appear that some extensions of time may be necessary. 

7 days move the close but does it move the close 7 days or did this blooper happen with some time to spare before the scheduled close?

More information is needed. 

 

Jan 19, 2018 04:48 PM
Rainmaker
725,130
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

You already stomped and a acceleration or reversal doesn't seem probable (after seeing your later comments)...it's an unfortunate wait and possible COE delay.

Update: Well done with that clever solution!

Jan 19, 2018 03:53 PM
Rainmaker
4,866,933
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

needs all funds wired...what's with checks.... wired to the closing attorney's IOLTA account.... that's what's done in MA.... 

Jan 19, 2018 02:51 PM
Ambassador
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Skip transfering to that bank, send all of them directly to closing company.

Jan 19, 2018 04:59 PM
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Tbis is not rare. Waiting is still the shortest distance between two points but with other homes in the train this can get complicated.

Jan 19, 2018 04:46 PM
Rainmaker
2,423,261
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

This seems negotiable as things are in the pipe and can be verified. Activate maximum communications which will be received as good will

Jan 19, 2018 03:33 PM
Ambassador
3,981,932
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I have acted as the bank for the buyer if the amount wasn't huge and I had full trust in them. My bank doesn't hold checks. 

Jan 19, 2018 03:26 PM
Rainmaker
167,208
Erika Rae Albert, Austin Real Estate Expert
E*Rae Real Estate Group- Brokered by eXp Realty LLC - Austin, TX
Exceeding Expectations in Every Transaction

I agree with Candice, just have the funds wired to title in two wires, one from each bank.

Jan 19, 2018 03:14 PM
Rainmaker
1,210,414
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

That's a pretty standard policy.  If you have a good relationship with the bank manager or a personal banker they can waive that.  We've had it waived on $70k checks before.

Jan 20, 2018 09:23 AM
Rainmaker
1,024,027
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Interesting.

Jan 20, 2018 07:45 AM
Rainmaker
382,467
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Looks like you were successful with the negative PR on Twitter.  Sometimes "shaming" a person into performance makes the job get done.  Too bad things have come to this.

Jan 20, 2018 07:38 AM
Rainmaker
3,049,771
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Escalate to "C" level exec at the bank

Jan 20, 2018 04:37 AM
Rainmaker
2,971,601
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Sounds to me like client should have planned for the transfer earlier and found out what the details would be at his/her bank. I come across this issue regularly of clients needing to move funds from various accounts to another to close and they plan for it in advance. It's not like the escrow close date was a secret or set last minute, I assume.

Jan 20, 2018 04:33 AM
Rainmaker
230,398
Mike Rock
Complete Design - Granite Bay, CA
Granite Bay Luxury New Construction...For Less

morale of the story is wire. not checks. but you know that

Jan 19, 2018 09:10 PM
Rainmaker
4,310,371
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

What Candice A. Donofrio said, we like wired funds...no mess, no fuss.  A

Jan 19, 2018 09:05 PM
Rainmaker
1,206,277
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

I would follow Caroline Gerardo advice. 

Jan 19, 2018 06:05 PM
Rainer
235,532
Libby Cousins
Extraordinary Processing - Spokane, WA
Contract Mortgage Processor, licensed in WA

Get the bank manager involved. Can't they wire the funds (which may still take 3 days for some banks) or better yet, get a cashier's check from account A and deposit in in account B. Make sure that they provide a paper trail for any transfering of money that they do and get it to the lender ASAP or there will be further delays! :-)

Jan 19, 2018 05:33 PM
Rainmaker
4,431,972
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Good luck.

Jan 19, 2018 03:53 PM
Rainmaker
4,019,646
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Twitter has worked around here for a few REALTORS when banks are not moving.

Jan 23, 2018 09:58 AM
Ambassador
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

wire funds.  

Jan 20, 2018 10:59 AM
Rainmaker
724,099
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

What happened to wire transfers?

Jan 20, 2018 09:55 AM
Rainmaker
1,366,727
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

John Meussner I once deposited a large sum of money from a closing that were certified funds. My bank made me wait 10 days. Reason: How do I use your money for 10 days interest free.

It looks like the squeaky (Twitter) wheel works.

Jan 20, 2018 06:33 AM
Rainmaker
1,817,056
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Is this funds being transferred within the same bank ???

Jan 20, 2018 06:00 AM
Rainmaker
4,796,451
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Whatever is possible.

Jan 20, 2018 05:56 AM
Rainmaker
982,469
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Bridge loans are the best way to accommodate the Seller's woes without disrupting "policy", although, a call to the Bank's president has modified many policies for me in the past. 

Jan 20, 2018 05:43 AM
Rainmaker
2,940,388
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Strange, maybe they should wire it. Or go get cash to avoid the 7 days. For the customer service, i am finding posting on social media works wonders

Jan 20, 2018 05:05 AM
Ambassador
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Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Unfortunately, that's been that way for years now so this is something I discuss with buyers most often at time of offer and when we discuss closing procedures. 

Jan 20, 2018 04:57 AM
Ambassador
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

John Meussner - good answer from Mike & Eve Alexander.

Jan 19, 2018 10:31 PM
Rainmaker
3,977,611
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Like lyn says.  Get the cahs and then  worry about how it gets handled.

Jan 19, 2018 08:43 PM