Wiring $$ vs. certified bank check

[lealea1005]

What is the name of your state (only U.S. law)? MD

We are 6 days out from closing on our new home. Yesterday, we were notified by the title search company that we would have to wire our down payment a day before closing. We were prepared to present a certified bank check, as we have every other time we've closed on a house. The title company refuses to accept a bank check. Our bank manager states he would be happy to guarantee the check if the title company calls him. Again, they refuse.

We found another title company who agreed to accept a bank check but the agent doubts that they can get all the work done in 4 business days. The sellers are unwilling to wait any longer and will not reschedule the closing date.

Does anyone have experience with wiring money vs. bank check? Is this more usual than we think? We've never heard of this before and, although our Realtor claims to vouch for the company, we're uncomfortable because once our money is wired...it's gone. I guess I really need some reassurance that this practice is kosher.

Thanks for any info.

 

[Zigner]

You're upset because, once the money is wired, it's gone? When you hand that check over, the money is gone.

Yes, wiring funds is an accepted, if not common way of doing business.

 

[lealea1005]

Yes I know it's "gone' either way ...lol. Just never heard of, or had experience with wiring that large a sum, not to mention the day before settlement. The title company says they don't trust an American Express cashier's check.

Call me old...I still like paper...lol I shall endeavor to adjust to our electronic age.

Thanks for your help Zig. I feel better now.

 

[Antigone*]

Yes I know it's "gone' either way ...lol. Just never heard of, or had experience with wiring that large a sum, not to mention the day before settlement. The title company says they don't trust an American Express cashier's check.

Call me old...I still like paper...lol I shall endeavor to adjust to our electronic age.

Thanks for your help Zig. I feel better now.

Lealea,

Fraud is rampant with cashiers' checks. Title companies prefer wires because the funds are verified, hence no fraud.

Send the wire, and congrats on the new house.

 

[lealea1005]

Lealea,

Fraud is rampant with cashiers' checks. Title companies prefer wires because the funds are verified, hence no fraud.

Send the wire, and congrats on the new house.

Thanks for the reassurance and the good wishes. Come on over for a glass of wine (or a beer). We'll sit on the deck and watch the boats come into the marina.

 

[Antigone*]

Thanks for the reassurance and the good wishes. Come on over for a glass of wine (or a beer). We'll sit on the deck and watch the boats come into the marina.

I'll bring some rasberry lemonchela marketinis

 

[lealea1005]

awwwrigght!!