Financing in Torrance>Question Details

Cloud, Home Buyer in Gardena, CA

When should I wire the money to escrow?

Asked by Cloud, Gardena, CA Tue Feb 22, 2011

I signed the loan docs already. I am waiting for seller to sign. Closing date is 2/25/11. Do I wire the money now or wait until seller signs? Since seller is Fannie Mae they will take a week to sign. So I just wonder if I should wire the funds to escrow now. Please advise.

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Congrats on your new house! I agree with Adrian Wire your money now. No harm done.
0 votes Thank Flag Link Thu Feb 24, 2011
It is in your best interest to wire transfer the escrow now.
Congrats on your new home.
Web Reference:
0 votes Thank Flag Link Wed Feb 23, 2011
I believe that the sooner the better. If you have been provided with the dollar amount needed by the escrow officer or your lender, then just wire the funds and be done with it. You don't want the deal to hinge on your inability to perform due to a unforeseen snafu at the bank just when it comes down to the wire. Take the safe route and do it now.

Congratulations on your new purchase!! It is only matter of a days now!

Diane Wheatley, Broker
0 votes Thank Flag Link Tue Feb 22, 2011
I agree with Adrian, wire it in and be done. There is very little benefit by waiting a couple more days. Congrats on your new house.

0 votes Thank Flag Link Tue Feb 22, 2011
You need to wire the money to escrow tomorrow morning. Fannie Mae will sign the documents. I sell Fannnie Mae homes and they will sign your docs in order to close by 25th. What are you waiting for, you are under contract, and so are they. Wire the money. If you don't wire the money and delay the close you will be penalized not FNMA.
0 votes Thank Flag Link Tue Feb 22, 2011
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