what happens if the lender wire the funds to the WRONG escrow account?

Asked by Lakerjim, 90604 Sun Aug 14, 2011

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Lakerjim, Home Buyer, 90604
Sun Aug 14, 2011
Thanks for the responses. Yes my funds were wired to the wrong account. I was just checking to see if anyone knew of an incident like this occurring before. We had to extend the short sale approval for 48 hours and all this happened on Friday. Waiting until Monday to see if they can correct it in time!!
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Scott Godzyk, Agent, Manchester, NH
Sun Aug 14, 2011
If you are buying a home, and the bank loaning you the nmoney wires teh funds for you to close to teh wrong company, they need to recover their funds and wire it to your (the correct) closing company. Ill tell you in 25 years of real estate that is a new one for me...
Web Reference:  http://www.ScottSellsNH.com
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Terri Vellios, Agent, Campbell, CA
Sun Aug 14, 2011
Did that happen to you?

When you have an escrow the escrow officer provides the wiring instructions. Then the lender uses those instructions to wire the money. The escrow officer would have to balance their account, so if they have money in the wrong account or don't have money they are going to let someone know. If the lender made a mistake I sure would like to see all parties, the receiving account, bank, escrow and lender make it all right.

I've never heard of this happening. Why do you ask?
Web Reference:  http://www.terrivellios.com
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