If I am travelling with my job and unable to get a bank check, why can't I send a company check to a Title Office to bank / clear it ahead of closing?

Asked by Martin DFW, Dallas, TX Fri Sep 13, 2013

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14
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Fri Sep 13, 2013
A company check is not your personal funds even if you own 100% of the entire company. The source of funds at closing must match what your loan officer submitted to the underwriter. Bottom line, the title company AND underwriter must both agree to accept your source of funds at closing. It is reviewed by both prior to funding the loan. Work with them instead of second guessing, ask your loan officer what you need to do to eliminate a potential issue at closing. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference:  http://jamessimms.com/
2 votes
Anne Bokalo, Agent, CANTON, TX
Mon Sep 16, 2013
They are fussy even getting cashier's checks mainly due to a lot of forgeries, I'd get a letter from the bank that they issued you the check and it's good. They will take travelers checks usually, so check with them but that's a trip to a bank.
1 vote
Rosalyn Tray…, Agent, Dallas, TX
Fri Sep 13, 2013
Title companies require "good funds" which are secured with cashier's checks or having the funds wired prior to closing date. As an investor, your company check cannot be declared "good funds". Have a good weekend.

Rosalyn Traylor
http://www.linkedin.com/in/RosalynTraylor
1 vote
Jim Olive, Agent, Key West, FL
Tue Sep 17, 2013
Your suggestion makes far too much sense for most title companies! I agree with you, if sent ahead of time so that it can clear, it shouldn't be a problem...but don't ask them to think out of the box!!
Many banks (I know mine does) will send a bank check for you if you order it by phone...
0 votes
Investmentcl…, Home Seller, Dallas, TX
Tue Sep 17, 2013
Most borrowers use a title company recommended by the real-estate agent or lender. Feel free to contact here:

2943 Thomas Ave
Dallas TX
214-810-4339
Sales@investmentclub360.com
http://www.investmentclub360.com/
0 votes
Susie Kay, Agent, Dallas, TX
Sat Sep 14, 2013
You can wire the payment.

Susie Kay, Realtor®
GRI, CHMS, SFR
Residential/Commercial/Investment
English-Indonesian-Hokkien
------------------------------------------------------------------
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
469-371-2899
susie_k@att.net

http://www.dfwdreamhomes.net

Servicing your real estate need is my priority!
0 votes
Josh Barnett, Agent, Chandler, OK
Fri Sep 13, 2013
Is your company purchasing the property?
0 votes
Dixon Wong, Agent, Dallas, TX
Fri Sep 13, 2013
You can wire funds. But they dont accept personal or business checks.
0 votes
Dallas Texas, Agent, Dallas, TN
Fri Sep 13, 2013
You can wire transfer funds. All funds MUST be certified checks can bounce.
0 votes
Larry Picchi…, Mortgage Broker Or Lender, Dallas, TX
Fri Sep 13, 2013
Hi Martin,

Title companies typically will accept personal checks for up to $1000, but amounts over that require certified funds. You can always wire the money to the title company if you are out of town. Most title companies prefer wires.
0 votes
Brent Rice, Agent, Plano, TX
Fri Sep 13, 2013
Martin, it is easier to send a wire in this case. Or have someone take a cashier's check. Personal checks are not acceptable unless the amount is less than say $1500 (this amount varies by title company).
Web Reference:  http://www.ricegroupinc.com
0 votes
Bruce Lynn, Agent, Coppell, TX
Fri Sep 13, 2013
You may not want to send a company check anyway if you are getting a loan.

That could kill the loan..

If they thought you were borrowing money from the company for the down payment or something like that, you could have a real problem.

Make sure the funds come from your account and that they have been there for a couple of months or trackable.

Wire transfer seems like a good option if you are out of town.
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Fri Sep 13, 2013
Can't you wire the funds ?
0 votes
Kenneth "Ken…, Agent, Dallas, TX
Fri Sep 13, 2013
Title Company's want verified funds. It is their rules of operation.
http://www.tcrdallas.com
0 votes
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