Surferdude, Other/Just Looking in San Luis Obispo County...

My family is selling the family house. Escrow close date was yesterday. Funds are still not in our bank

Asked by Surferdude, San Luis Obispo County, CA Wed Apr 29, 2009

account today and it's 6pm. Is the sale off? Do we keep the deposit? Or, does anyone owe us interest on the funds when it shows up?

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Surferdude, , San Luis Obispo County, CA
Thu Apr 30, 2009
Escrow agent claims funds were wired on escrow close date at 11:48am. They provided a reference number. Shouldn't wires be same day credits? Rabobank claims they can't find it but also says they don't need the reference# to look for it. Can't be sure who's telling the truth but I feel Rabobank is floating the funds. If true, this bank account will be closed and I will tell everyone to bank elsewhere!
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Grace Morioka, Agent, San Jose, CA
Wed Apr 29, 2009
Hello Surferdude and thanks for your question.

Unless your Realtor called in a panic, and I'm assuming that this has not happened, I would not be alarmed. In California, there is a slight delay of one or two days after both parties have signed, and the transaction has "recorded" at the County Recorder's office before funds are distributed to the Seller and any other parties. Under normal circumstances, you should see the proceeds from the sale credited to your account in a few days or a check from the title or escrow company made payable to you in a day or two. Funds are not immediately transferred to you upon close, so please do not misinterpret the lack of funds in your bank account as the failure of the buyer to consummate the sale.

If you have any questions about whether the sale closed as scheduled, contact your Realtor for more information.

I hope this answers your question and wish you and your family good luck in your next real estate transaction!

Grace Morioka, SRES, e-Pro
Area Pro Realty
San Jose, CA
Tel 408-426-1616
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Mission Viejo…, , Mission Viejo, CA
Wed Apr 29, 2009
Did you call to make sure they closed yesterday. There are many things that can delay a closing. Don't panic yet!
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Jose Quinonez, Agent, Miami, FL
Wed Apr 29, 2009
Hi, the escrow agent can not close the sale without having the funds from the buyer or buyer's financing company in their escrow account, so then you need to find out if the escrow agent sent the wire transfer to your account already, if they did ask for the confirmation number and call your bank to verify, if they didn't ask them why?, confirm they have your correct account information, if you prefer but is not recommended cancel that process and request a cashier check on the seller name. Call them, they have to give you an answer.
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Voices Member, , 20194
Wed Apr 29, 2009
Call the settlement company - this is a question for them.
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