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Jagdip, Home Buyer in Springfield, VA

payoff check sent to my bank 4 days after closing

Asked by Jagdip, Springfield, VA Mon Mar 26, 2012

Closing company sent payoff check 4 days after closing. my bank takes wire transfer and closing company chose to send check instead anyway. now, my bank is charging me interest up to the day they received payoff check. I am paying interest for additional days mainly because of delay made by closing company. is it normal ? what recourse i have against closing company >

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Answers

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Depending on what state you live in, payoffs and time frames vary. In Virginia, they have 48 hours to record and disburse. Its best to provide the settlement company with a voided check so they can wire the money.
I would talk to the closing company and ask how they plan to help you with this. There is always the social networks you can express your displeasure in. Overcoming bad publicity is very expensive.
0 votes Thank Flag Link Tue May 22, 2012
A little more info is needed for you to have a good understanding::

Closing date and recording date may be different. How about in your case?

Was a weekend involved?

Did the closing company get wiring instructions in advance?

Was the check send via overnight express?
0 votes Thank Flag Link Sat Apr 14, 2012
We would recommend that you speak directly with the listing agent as well the closing company regarding your concern. If your property is a located in Virginia, the title company, or settlement attorney has 48 business hours to disburse the funds after settlement. Usually how the funds are handled for the payoff is addressed at the settlement table with the seller regarding the current trust(s) procedure for disbursement.
0 votes Thank Flag Link Mon Mar 26, 2012
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