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Real Estate Closing Question

Old 10-06-2016, 10:09 AM
  #21  
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Originally Posted by ladyjane View Post
I have always closed with a lawyer and had funds verified and deposited on the day of signing otherwise its a no go for me
This 90% of the time but there are issues sometimes. The term bankers hours came about for a reason. Late closings sometimes wire gets delayed. Especially if it goes through the main branch of bank which happens to be on Wall Street.
Originally Posted by Lobstercatcher229 View Post
I am in Central Florida. Since everything is legitimately closed in Fort Lauderdale, where all this closing is taking place I appreciate everyone's advice and guess I need to be patient till Monday when I can check on what happened to the wired money that they said would go out yesterday afternoon.
I wouldn't freak out just yet though I would be nervous too. If everything is in line paperwork wise and you were mentioned on the HUD/Alta/closing statement I don't see an issue.

Also op can you specify if you are in the "first position"? Don't see why it makes a difference if there was profit but I would feel better if there weren't other lenders involved in your shoes.
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Old 10-06-2016, 10:33 AM
  #22  
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Originally Posted by Lobstercatcher229 View Post
I am in Central Florida. Since everything is legitimately closed in Fort Lauderdale, where all this closing is taking place I appreciate everyone's advice and guess I need to be patient till Monday when I can check on what happened to the wired money that they said would go out yesterday afternoon.
Obviously they aren't disputing your standing and their obligation.
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Old 10-06-2016, 10:51 AM
  #23  
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Originally Posted by Double tyme View Post
This 90% of the time but there are issues sometimes. The term bankers hours came about for a reason. Late closings sometimes wire gets delayed. Especially if it goes through the main branch of bank which happens to be on Wall Street.


I wouldn't freak out just yet though I would be nervous too. If everything is in line paperwork wise and you were mentioned on the HUD/Alta/closing statement I don't see an issue.

Also op can you specify if you are in the "first position"? Don't see why it makes a difference if there was profit but I would feel better if there weren't other lenders involved in your shoes.
No other lenders involved.
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Old 10-06-2016, 02:38 PM
  #24  
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One obvious suggestion is to make sure a discharge (release of the lien) is not issued until you have confirmed you have received payment in-full.
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Old 10-07-2016, 12:12 PM
  #25  
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Originally Posted by triplenet View Post
How did they close on a sale without paying off your first position ? You would have needed to sign a release .....

Something smells IMHO

I kind of thought so too. I thank everyone for their time talking about this. It was supposed to close a week ago, and finally today the wire came through.

It can be a bit scary, especially since my wife and I enjoy watching American Greed!

But all seems to be well.
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Old 10-07-2016, 12:33 PM
  #26  
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If your loan was secured you should have been asked to provide a payoff statement and then paid at closing via a bank check or wire transfer from settlement agent.

No delay, other than maybe one day if the closing occurred late the day.

Period.
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Old 10-07-2016, 01:57 PM
  #27  
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Originally Posted by Lobstercatcher229 View Post
No other lenders involved.
You should be fine then. I made a bunch of business related exceptions due to the storm. Chalk it up to that til Monday or Tuesday.
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