fund distribution after closing

[fbt607]

What is the name of your state? NY

is it common for mortgage fund to take until next day of closing to be distributed?

 

[LdiJ]

What is the name of your state? NY

is it common for mortgage fund to take until next day of closing to be distributed?

With no other information regarding the circumstances I don't think that there is a clear answer to your question.

 

[quincy]

What is the name of your state? NY

is it common for mortgage fund to take until next day of closing to be distributed?

What do you mean by "mortgage fund?"

 

[fbt607]

What do you mean by "mortgage fund?"

sorry I'm not a pro in that area.

to simplify it: closed on a house but the buyer's bank did not distribute the fund from the sale yet. is that possible? because I understand the fund is distributed to seller, brokers... at the time of closing

 

[quincy]

sorry I'm not a pro in that area.

to simplify it: closed on a house but the buyer's bank did not distribute the fund from the sale yet. is that possible? because I understand the fund is distributed to seller, brokers... at the time of closing

Usually checks are disbursed at closing.

 

[paddywakk]

Sold my house on 7/3 but funds weren't transferred to my account before 7/5. Depends. Are you getting a check or EFT?

 

[adjusterjack]

The buyer's funds must be deposited in the escrow company's account before the deed can be recorded. The deed must be recorded before the funds can be disbursed to the seller.

There's enough slop in those three steps for the entire process to be completed the same day or take a couple of days depending on the timing of each step and the backlog of the recorder's office.

I bought a house recently. I brought my cashier's check to the escrow office on the morning of the closing date. It was deposited immediately, the deed was recorded electronically and the sellers got their check the same day.

is it common for mortgage fund to take until next day of closing to be distributed?

Given the experiences of me (same day) and Paddywakk (two days) I wouldn't call next day disbursement uncommon.

 

[Zigner]

Given the experiences of me (same day) and Paddywakk (two days) I wouldn't call next day disbursement uncommon.

Heck, given those two data points, I would call "next day" the average amount of time it takes

If the funds are being disbursed by wire transfer and the wire is initiated past the cutoff point for the institutions involved, then next day is perfectly understandable.

 

[fbt607]

very weird. bank attorney saying the transfer did not go thru yet so they did not distribute the funds yet. closing happened yesterday and seller still did not get any money althu he gave keys to the buyer. that's not normal correct?

 

[fbt607]

Sold my house on 7/3 but funds weren't transferred to my account before 7/5. Depends. Are you getting a check or EFT?

check

 

[PayrollHRGuy]

check

Personal or certified?

 

[fbt607]

Personal or certified?

attorney check. he did not give the checks yet says until wire goes thru

 

[Zigner]

...and was the check to be mailed to you, or were you going to pick it up?
...and have you received it now?

 

[fbt607]

...and was the check to be mailed to you, or were you going to pick it up?
...and have you received it now?

he said he will over night it. called today and said the wire did not go thru. should I be concerned? I am the real estate broker lol

 

[PayrollHRGuy]

he said he will over night it. called today and said the wire did not go thru. should I be concerned? I am the real estate broker lol

Is this your first sale as a real estate broker?

When you were asked how funds were to transferred you said check. But that is only the last step. They first have to be wired to the lawyer.

Have you contacted the entity that was supposed to initiate the wire?