Great, they don't take checks for resale

[Dean]

It shouldn't be a big deal with a little planning in the US, it can be a larger issue from other countries. Many will also take an echeck or wire transfer. Some will take a personal check IF you send it far enough in advance for it to clear, maybe 2 weeks minimum.

 

[DVCconvert]

Dean wrote:

Some will take a personal check IF you send it far enough in advance for it to clear, maybe 2 weeks minimum.

As above, that's what I found. Timeshare Title & More will. Magic Vacation Title will not - regardless how far in advance the check is sent.

 

[cusack1020]

I work in customer service for a large mutual fund company so I would definitely recommend calling to see if they can wire it directly to the closing company's bank. They can definitely do it. The questions is will they.

I know our requirements are that we would need the request in writing with a signature guarantee stamp which, unfortunately, you're probably going to have to go to the bank to get. However, a decision can always be made to do waive the normal requirements so definitely ask! Good Luck!

 

[TLSnell1981]

My TTS broker was someone else, but Brenda at Magic Vacation Title told me yesterday that apparently there was some confusion at TTS about this as they were returning quite afew checks to buyers as they were not cashiers's etc.

I'm very surprised. We've purchased 3 resales through TTS and they were very clear, a cashier's check/money order was/is needed for closing.

 

[DVCconvert]

I'm very surprised. We've purchased 3 resales through TTS and they were very clear, a cashier's check/money order was/is needed for closing.

I understand, but, I had asked my TTS broker if I could send a personal check for a larger amount than the 10% deposit. To which, via email, he replied "oh sure, the closing company will just credit you towards closing".

wrong if the closing company is magic vacation title apparently.

 

[solpo]

Here's my $0.02 as a real estate professional... Title companies shouldn't close on a personal check, for the simple reason that you can stop funds on a personal check. In fact, in some states, they won't even accept a cashier's check, since those can get cancelled under certain conditions.

Large real estate transactions are just about always done by wire transfer. I'll also tell you that, working with both national and local title companies in multiple states, I've never seen a title company charge to handle a wire. Your bank may charge you (and $12 is a good deal), but it should be free from the title company.

Wire transfers are also great ways to get your money OUT of title, such as if you sell a property. Instead of waiting for a check to clear, it just instantly appears in your bank account. They're a great tool which most people don't ever think about!

 

[rcchello]

I haven't used banks in years, so I have always had to ask what were acceptable forms of payment. I check very early in the process so I can make the appropriate arrangements.

I have mostly been able to use checks from my money market account, if I can pay early enough for them to fully clear, otherwise i do electronic transfers. The last time I had to use a certified check was over 20 years ago.

 

[DVC-Don]

We always just wired the money for the closings.

 

[LouisianaDisneyFan]

That's what we plan to do, but it means that someone (probably me) needs to find time to make a trip to the bank. I wish they'd warned us ahead of time.

They didn't specify this for you ahead of time? I've closed on a total of four resales with three different companies. With every purchase, I received a very thorough email of what would be expected along the purchase process, including specific info about how to submit the deposit, estimated time for ROFR and closing, who would handle the closing (and contact information), and how final payment should be made. In most cases, I also received a second email from the closing agent reiterating the information with their intro email.

 

[Caren]

What we finally wound up doing: First Investors wanted us to jump through hoops to wire transfer money. Our bank wanted to put a one-week hold on a check from our money market account. We wound up turning a chunk of our home equity line of credit into a cashier's check and then writing a check to the home equity line of credit from the money market account. A nuisance all around.