I am a home seller and was never told that I needed a certified check to bring monies owed to the closing. I was planning on using a credit card for

Asked by Wright1leah, 28027 Sun Jul 4, 2010

the balance, however my realtor told me that they would not except that. I should get a cash advance on them. I called and non of my credit lenders will do this. I am married and both of us have credit scores in the 700's. We have a few days till the date and don't know what to do. The monies owed are pretty much the realtors commission. HELP

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Beth Blevins, Agent, Concord, NC
Thu Dec 9, 2010
Wow, I'm wondering how the lender also let this slip by? Some local attorneys will allow you to bring a personal check to closing for any monies you owe at closing, for the buyer primarily. Over that, it's always certified funds so that the money is fully collected prior to recording the deed. If you are a seller bringing money to closing, and that is much more common today, your agent should have been all over where the funds were coming from in order to transfer the deed. And as a buyers agent, I would want to know if the seller needs to bring funds to closing, and have they been verified? Tough situation to have to handle at the last minute - get your agent to problem solve with you. Good luck.
0 votes
Sarah Moore, , Concord, NC
Thu Oct 28, 2010
When selling your house you rely on your agent to walk you through the entire process. When you received the offer you should have been given a net proceeds document showing you what you would need to either bring to the closing or what you would make at the closing. Your agent should have gone over the fact that if bringing money to the closing it must be in certified funds . Getting a non-secured loan may be difficult. You may have to talk to a friend or family member to borrow the funds. If all else fails, talk to the agent and see if they will reduce their commission in an effort to assist you. I wish you the best of luck.
0 votes
Don Tepper, Agent, Burke, VA
Mon Jul 5, 2010
You almost always need certified funds at closing. Your agent and/or the settlement company certainly should have informed you of that.

The advice about the cash advance is OK--I'm surprised that, with credit cards, you can't get a cash advance for at least some of the balance. Try talking to the credit card companies and see what/if anything can be done that way.

Or go to the bank you do the most business with. Explain the situation. If both of you have credit scores in the 700's, you may be able to get a personal loan for the amount.

Another avenue to explore: Have your Realtor lend you the cash. You say it's his/her money, pretty much, any way.

Or look to friends and family for a loan.

Hope that helps.
0 votes
Fred Glick, Agent, Mountain View, CA
Mon Jul 5, 2010
Tell the agent you don't have the money and have him/her renegotiate with the bank so he/she gets paid.

These agents must be stopped and they must do the right thing.

He/she should have done the numbers when you signed the agreement.

Call the broker of the office if you don't get satisfaction. Be firm and don't let them get away with it.

Fred Glick
Web Reference:  http://fglick.com
0 votes
Larry Story, Agent, Greensboro, NC
Mon Jul 5, 2010
Wright1leah,

First were you pursuing a short sale? Of course not knowing the whole situation it is hard to comment to much. But, to answer your initial question yes only certified funds will be accepted at closing. Since in NC we use attorneys to close our real estate transactions they need to be able to have guaranteed funds for the closing since they disperse the money out of their trust account. Otherwise they cannot close and record the deed transfer.

Hope this helps,
Web Reference:  http://www.storybookhomes.ws
0 votes
Debra B Albe…, Agent, Port St Lucie, FL
Mon Jul 5, 2010
Property does not change hands without certified funds. No one takes cash and credit cards are not excepted. Sellers expenses, as you can see on your HUD statement are several fees including the real estate commission. You need certified funds or you can not close. You can get this money as you would get money for anything else that you need. Sellers usually walk away with funds.

Debbie Albert, PA
Coldwell Banker Residential
Web Reference:  http://www.Ronanddebbie.net
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