There are plenty of experienced local attorneys who ARE in privity with you, and who can represent your interests, and work at your direction. It's the only way to operate.
Having said that, I will also point out the following: if you are going to purchase REO properties, most do not require a deposit until after the bank has accepted an offer; in that case, they usually require that the money come directly from the buyer; in most cases, they will accept the money from your attorney, if there is an engagement letter or some evidence that they are working on your behalf.
Thank you very much for your suggestions.
I do have an account with Bank of America. Will discuss the two options with my realtor.
(Ron, by the way, the suggested blank part of the check is the "payable to" field, not the amount)
This is normal for you to write the check with a "pay to the order of" blank. If it makes you feel more comfortable, you can write "Escrow Company" in the blank. This is common practice, as the seller may be the one choosing the escrow company, in which you would not know what title company to write the check for. As for transactions overseas, the first response about wiring the funds may be a better idea.
A good faith check is the money you're willing to risk in order to give the seller an idea of how confident you are in your ability to get a loan. That's the best way I have explained it to my clients. Generally the higher the amout, the more you're willing to risk.
The check should NEVER be made blank! In case of problems you would have little or no recourse. Remember that we go through all trouble in order to hold the escrow deposit in SAFE hands with a procedure in place that is fair and equitable to all.
Well recommended or not, well intended or not use an escrow company or a reputable Real Estate Company such as The Keyes Mortgage, Title and Real Estate.
No deal is worth loosing money. Sincerely,
(ER) Enrique R. Carrera
Real Estate Professional
Cell Tel#: 954-478-3601
Work Tel#: 954-966-0631 ext. 228
Work Fax#: 954-678-0927
More ways to contact me: http://wwp.icq.com/35081807
I feel that your best bet is to have funds accessible in a US Bank & then absorb the cost of a wire-transfer at the time of an offer, as this costs less than an international wire transfer & can be completed & verified within an hour!
I am not suggesting that this Realtor is not worthy of your trust, but why would he or she want to put themselves on the spot in the event something goes wrong?
As we say here in America, C Y A!
Ron and Debbie Albert
Coldwell Banker Residential