Anyone here a realtor or mortgage broker?

omurray

We are closing on our new home next friday.  So, I went to transfer the money from our savings acct (an online only bank) to our checking account.  I hadn't remembered that we don't have a link set up between the two yet (this checking account is relatively new because someone created and cashed a fraudulent check on our old one, so we had to close that one and open one with a new acct number).  Anyway, it takes a few days for the link to be active and then a couple days for the transfer of money to actually happen and I'm starting to freak out that our money won't be available in our checking by the closing meeting!  AHHH!!!  I know this sounds like the dumbest mistake on earth and I totally agree - I hardly ever do stuff like this - but, its happening and I'm nervous.  Anyone that works in the real estate or mortgage industry see this happen before?  What will happen?

Mrs Manners

If you don't have the money at closing they will typically postpone the closing a day or two. Your seller might not be too happy.

DaisyAdair

Generally, you have to bring a cashier's/bank check to closing.  So, if the money isn't available, you won't be able to get that check.  That could be a problem.

I have had people pass regular checks, but usually only in emergency situations.  In one case, the seller filled the oil tank and the buyers had to buy that oil.  They didn't add that into their cashier's check, so they wrote a personal check for that amount.  In another case, the title company miscalculated the HUD statement and the buyers owed an extra $560., so they wrote a personal check.

I'd bring it up now and have your agent work it out for you.  Don't wait to see what happens.

Good luck and congrats on the house!