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Mrs. House, Home Seller in Snellville, GA

I am a seller and attended a closing yesterday. signed the docs. Was told funding was not released but will get it in the morning. It has now been

Asked by Mrs. House, Snellville, GA Tue Jun 22, 2010

24-hours and still no funds. My check is to be in excess of 100,000 and can't get an answer when I will receive it. This is a NACA deal with Bank Of America. Any advise will be helpful! thanks

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Hi Mrs. House,

I agree with both agent's answers here about possession. Do not hand over your keys until your money hits your account and you have it in writing that it's really there.

Second, please tell me you had an attorney represent you in this transaction. What does your lawyer have to say about this situation? I've had dry closings before and they are a royal pain in the *%^#@!.

GOOD LUCK,

Scott Miller
Realty Associates
Boca Raton, FL
Web Reference: http://www.SunnyBoca.com
1 vote Thank Flag Link Tue Jun 22, 2010
This is called a "dry closing." The papers have been signed but the funding hasn't been received. The title company will not/should not hand over the keys until funding is complete. I've only experienced a few dry closings in my real estate career and I avoid last day of the month closing dates and most especially if the last day of the month falls on a Friday!

There can be many reasons why the funding hasn't come through yet. You should check with your agent and with the title company to see if they know what is causing the delay and what they are doing to speed up the process so that title passes and you can receive your check.

JOAN LORBERBAUM MOORE
Broker Associate, GRI
Lang Realty
9858 Clint Moore Road
Boca Raton, FL 33496
http://www.boca-delray-boynton.com
http://www.facebook.com/realtorjoanie
1 vote Thank Flag Link Tue Jun 22, 2010
This has happened at many closings recently. The banks seem to be in confusion. Lenders need more documents and wiring money is a nightmare for this day and age. Under no circumstances do I advise that you hand your keys over to the Buyers until you receive your money.
1 vote Thank Flag Link Tue Jun 22, 2010
Best confer with the title company who can detail the chain of events.

Payment could based on "closing of the day" if at the end of business day then funding make take till next business day.

Why all of my closing are 1st thing in morning ANY snags can be resolved prior end of closing

Lynn911.com
0 votes Thank Flag Link Sun Jun 27, 2010
As Stephanie said.

I've done a few dry closings, but have never had to wait more that 24 HRS to get funding. Typically this is due to wiring funds. With NACA involved it could be a whole other issue. NACA does not do anything fast.

If it takes another day I would start making some calls to the closing attorney, buyers agent, and your agent to get things moving and get some straight answers.
0 votes Thank Flag Link Tue Jun 22, 2010
There is no acceptable reason for this to happen in my book. If they are not ready to close and fund, they shouldn't ask you to sign over your house until they are - right! I've been to dry closings probably a dozen times - it was bad in the Atlanta area for a while but in the past year, only once. However, I have never had one go beyond 24 hours without funding. This is of concern. I would personally go to the attorney's office and demand that the attorney make a call to the lender while I am in his office. It's not the attorney's fault but as long as you are not being the greasy wheel chances are no one is going to help you squeak! There is no excuse for this.
I agree with others - do not surrender possession until you have your check no matter what anyone assures you about the situation. You have already signed the deed and that's not a good thing from a legal perspective but at least you can hold the property hostage until you are paid.
Good luck with it - you need to be pro-active on your own behalf. If it does not fund tomorrow by mid morning, I would contact an attorney to represent you immediately and that would NOT be the closing attorney - they represent the lender in Georgia.
0 votes Thank Flag Link Tue Jun 22, 2010
NACA is a non-profit organizaiton and while I am familiar with NACA I have never closed a deal with them because of the lack of service I receive when I try to refer them a client. I understand that they can take up to a week to get back with you.

If I represent the Seller and an offer is received with a buyer going through NACA I sometimes alert the seller regarding the delays that are to be expected before accepting the offer. It is a very good program for the buyer and they save a lot of money but it is a very time consuming program.

My advice is to have your Realtor keep calling and calling. Sometimes it is best to go there personally. They are usually short handed. Good luck to you!
0 votes Thank Flag Link Tue Jun 22, 2010
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