Wire or Bank Certified Check

[vicarrieous]

Which do you prefer when it comes to sending funds for closing? Any benefits of doing one over the other?

We are using Mason Title and plan to take care of this tomorrow one I can verify their wire instructions or sent check instructions.

 

[Stargazer65]

No preference for me. I've done both, neither is really a big deal. Wiring saved me a trip to FEDEX, but took a few minutes longer at the bank and had a small fee.

 

[LadybugsMum]

I prefer wire so that the money gets there faster and there’s no chance it gets lost.

 

[Carlnne]

I closed a few weeks ago- sent check overnight fedex with the prepaid label from title company. Big mistake- the day after I sent it the big snowstorm caused my "overnight" delivery to take 8 days. I was worried I would have to redo the check because the tracking info made it look like it was lost (I checked it multiple times per day). Never again- I will pay the fee to wire next time.

 

[GoingSince1990]

WARNING- If you wire money, do NOT trust wire instructions that you have received via email!
There is a scam where someone who has hacked into your email account and is aware that you are about to wire someone a substantial sum of money will send you a fake email, spoofed to look like it came from whoever you are dealing with, containing wire instructions for the scammer’s bank account. ALWAYS verify wire instructions by calling the broker (using a phone number that you are sure is legitimate, not a phone number given in an email).
The scam is described here:
https://www.rocketmortgage.com/learn/mortgage-wire-fraud

 

[vicarrieous]

WARNING- If you wire money, do NOT trust wire instructions that you have received via email!
There is a scam where someone who has hacked into your email account and is aware that you are about to wire someone a substantial sum of money will send you a fake email, spoofed to look like it came from whoever you are dealing with, containing wire instructions for the scammer’s bank account. ALWAYS verify wire instructions by calling the broker (using a phone number that you are sure is legitimate, not a phone number given in an email).
The scam is described here:
https://www.rocketmortgage.com/learn/mortgage-wire-fraud

Thanks! The wire instructions did have this same warning as well and I plan to contact my agent and confirm before sending.

 

[supersnoop]

There’s very little reason to get funds there so quickly. A seller has a process to go through that takes time. I get a bank check and send it first class. It gets there in three days; plenty of time to close.

 

[RoseGold]

I've always wired after seller returns closing docs. Title agent emails, sent wire, and it's all wrapped up the same day and can close.

I wouldn't send anything before sellers return documents, just because it can take a while to get the money back.

Edit to add: wiring costs money at my bank, but is free at my brokerage firm, so I use that. It takes a phone call to verify wire instructions, a phone call to the brokerage, and done in 5 minutes.

 

[poofyo101]

Check

 

[scbruno]

I have done both but rather send a check because once the money is sent via wire no getting it back if there is an issue.

 

[Divaofdisney]

This is a great topic and I will soon be doing this as well. I plan on sending a certified check by express mail. I just think it will be safer than wiring the funds.

 

[we"reofftoneverland]

Wire is safer but you must be sure the wiring instructions are secure.

 

[Ginamarie]

We sent a certified check- no issues at all. Mason sent us a prepaid mailing label for FedEx and it was in FL in like 18 hours.

 

[Lee Matthews]

Be interested to know how people from the UK do this process. For my deposit, Mason allowed me to make a payment online.

I get nervous when people talk about wire transfers.
same with Monera, haven’t figured out at all yet how I go about paying my financing

 

[The Jackal]

I have done both but rather send a check because once the money is sent via wire no getting it back if there is an issue.

The check route isn’t much better, unless the check is returned.

 

[Eric Smith]

I prefer the wire. It’s faster and much easier.

 

[poofyo101]

We sent a certified check- no issues at all. Mason sent us a prepaid mailing label for FedEx and it was in FL in like 18 hours.

Did mason send you a prepaid label? I have always paid for my own.

 

[808blessing]

Check. Anything to save a buck. I did worry when I mailed it tho!

 

[ScubaCat]

I did FedEx "express saver", the cheapest option using their standard envelope. Only takes 2 days from most locations, generally 3 at most. And it can be tracked. Overnight is definitely not necessary and won't make any difference in time to close.

My particular account offers free cashier's checks but not free wires, so... Cashier's check it is!

 

[winterwhite]

A wire at my bank is $15. FedEx express is twice that. So I just wire.
If there’s no further credit required, I can send a wire via Transferwise for less than $10. But these days a further credit is almost always required.