Home Selling in 87144>Question Details

rose, Home Seller in Rio Rancho, NM

I was told by my realtor that funds from the sale of my home in Rio Rancho would not be available at closing but rather 2-3 days later. Why?

Asked by rose, Rio Rancho, NM Mon Mar 18, 2013

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Did you let the buyer's move in without funds?
0 votes Thank Flag Link Mon Mar 18, 2013
See below you got your answer, even in states where they fund at the closing table in certain cases
we have dry closings and the funds get distributed a few days later for various reasons.
If you are working with a Realtor and a real estate attorney, you should be just fine.
Good Luck to you

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0 votes Thank Flag Link Mon Mar 18, 2013
Congratulations on selling your home Rose!
It's because New Mexico does not have table funding. In states that have table funding you generally get a check at closing. For example I have family in Colorado and whenever they bought or sold buyer and seller closed together and the seller got a check and the buyer got keys right at closing.
In New Mexico the mortgage lenders do not fund at closing. For several years some in the Realtor community tried to get a table funding law passed in Santa Fe with no luck. The best they were able to get was a law that said the lenders had to have funds available at the time of close, or something like that. Don't quote me; I'm no lawyer or politician. Anyway these days the transaction usually funds about one business day after the sale closes. Of course the title companies will not disperse funds until they record the sale so if funds from the lender come in late in the afternoon they won't record until the next day.
It would be nice for sellers if we had table funding (for us brokers too) but it is better than it used to be. 20 years ago when I first started in real estate it usually took a week to fund and I saw a couple that took close to two weeks.
It really shouldn't take more than a couple of business days so if you don't get your funds by two days after closing call your Realtor and the title company.
0 votes Thank Flag Link Mon Mar 18, 2013
Hello Rose,

Funds are generally not available until after the transaction funds and records. This can typically occur after closing. If closing occurs late on a Friday, it may not fund until Monday.

Leigh-Jo
Syan Real Estate
Call/Text: (505) 730-8181
Web Reference: http://www.Syan.com
0 votes Thank Flag Link Mon Mar 18, 2013
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