Help! Can you stop a wire transfer?

[princessmorgan]

Does anyone know if you can stop a wire transfer if it's been more than 24 hours? My mother is supposed to go to Miami tomorrow to close on an apartment her brother in Brazil wanted her to buy for him. It was a short sale, and today she gets a call from the real estate agent that the buyer no longer wants to sell. Well for some unknown reason to me, she wired the money to the bank for the closing, because they said they do not accept out of state cashier's checks. So she had wired A LOT of money to them yesterday around 5:00 p.m. Is there any hope she'll get the money back?

Thanks for any advice!

 

[Leajess99]

Does anyone know if you can stop a wire transfer if it's been more than 24 hours? My mother is supposed to go to Miami tomorrow to close on an apartment her brother in Brazil wanted her to buy for him. It was a short sale, and today she gets a call from the real estate agent that the buyer no longer wants to sell. Well for some unknown reason to me, she wired the money to the bank for the closing, because they said they do not accept out of state cashier's checks. So she had wired A LOT of money to them yesterday around 5:00 p.m. Is there any hope she'll get the money back?

Thanks for any advice!

I believe they can just reverse the wire transaction but she so need sto be at the bank at opening to get it done. A wire transaction generally takes 3 days to complete from my experience. Good luck

 

[Ciciwoowoo]

If she can't reverse it, she will just have to have that bank send the money back.

 

[princessmorgan]

Thank you! My mom talked to the bank, and they said they may be able to intercept it. She has to go over in the morning, so hopefully all will end well! Thanks again!

 

[disneymarie]

Does anyone know if you can stop a wire transfer if it's been more than 24 hours? My mother is supposed to go to Miami tomorrow to close on an apartment her brother in Brazil wanted her to buy for him. It was a short sale, and today she gets a call from the real estate agent that the buyer no longer wants to sell. Well for some unknown reason to me, she wired the money to the bank for the closing, because they said they do not accept out of state cashier's checks. So she had wired A LOT of money to them yesterday around 5:00 p.m. Is there any hope she'll get the money back?

Thanks for any advice!

Sounds suspicious to me. Out of country wire transfer, then the owner decides not to sell. How well does she know this realator and how old is your brother? Did he check out the legal things, I mean if it was a short sale, I thought the bank was accepting the money and out of the owners decision.

The owner is selling, bank accepting less then is owed. Why would they allow the owner to decide to keep it, unless he came up with the money.
I would be very concerned until the money was back in your Mom's hands. As a Mom you want to help your childrenm, but she does not want to lose her saving eithger.
Good luck in the AM.

 

[wdwmom0f3]

Sounds suspicious to me. Out of country wire transfer, then the owner decides not to sell. How well does she know this realator and how old is your brother? Did he check out the legal things, I mean if it was a short sale, I thought the bank was accepting the money and out of the owners decision.

The owner is selling, bank accepting less then is owed. Why would they allow the owner to decide to keep it, unless he came up with the money.
I would be very concerned until the money was back in your Mom's hands. As a Mom you want to help your childrenm, but she does not want to lose her saving eithger.
Good luck in the AM.

I agree with this.

I do believe that once a wire transfer is complete and the bank called it in, it is gone. Unless the bank failed to call it in today, which I doubt happened, I don't think that it can be stopped. She will have to get the money back from the person who she sent it to. Things could have changed, but years ago when I did wire transfers that is the way it was. I wish you much luck.

 

[Darcy03231]

Sometimes they can be reversed, but not often. It depends on how many banks it has to go through before it goes through the Federal Reserve (all wires originating in the US go through the Federal Reserve).

OP, if your mom wired the money to an attorney's account for a closing and the closing doesn't happen, she should get her money back. If she wired it directly to the seller, she probably won't.

 

[shortbun]

I'd guess the money was wired to a title company or bank for the closing-not the owner directly. In that case, the money would be safe.

 

[princessmorgan]

My mom called the bank and said the money had already gone to the Title Company. So she called the title Company and they said as soon as they get a release signed from she and the seller, then they'll send the money back.

So hopefully this is the case and the Title Company is legit. I don't know how much research she did on the company or the sale in general. It was for my uncle, not my brother. He lives in Brazil and so he gave her power of attorney to take care of the transaction. My mom said she has never felt good about the deal, but my uncle has been so adamant about going through with it.

I think the seller said he wanted to back out, because he's going to declare bankruptcy and his lawyer told him not to sell the house.

 

[Shelly F - Ohio]

What is the name of the title company maybe you can research them on the web. I have a really bad feeling about this. I mean if someone were filing bankruptcy you think they would be happy to sell the property not hang on to it.

Good luck getting the money back