Wire or Bank Certified Check

Wire transfer. I will call and confirm instructions prior to sending the money. This seems like the secure process and I don't have to worry about tracking information.
 
How many days before the closing date should you wire the funds? As close to the closing date as possible to hold on to your money longer, or the sooner the better to expedite the process?
 
Wire, When we sold our DVC bank would not accept closing checks took several months of wrangling to finally get checks voided and returned to closing company and have the funds wired to our account.
 
Just to outline a few differences. A wire transfer goes as cash, the same as handing someone cash and has no recourse. You can request to recall funds, if they should not be received by the intended (or who you intended) party. However, this is just that, a request and understand that whomever was the recipient of the funds is not obligated to return said funds. Again, this is as if you handed CASH to that person. Wires are sent through the bank using the fed reserve (ABA number needed). Credit posted same day as sent and available for immediate withdrawal. No funds availability issues. A SWIFT message can be sent requesting verification of credit but this too is just going to be infomrion and not a way to file a dispute. The bank does charge fees for this (incoming as well as outgoing). If the wire goes through a 3rd party for further credit, that bank is going to have a fee (surprise) and will come out from the funds being transferred. Now granted most title/attorney will have an escrow account to receive direct but worth mentioning if you have a FFC listed on the wire instructions. Not even going to talk about international wires as you best do your homework on exchange rates, and i am not taking about google, call the bank and ask for wire buy/sell rates. You will not believe the spread on exchange and yes that is money in the banks pocket. Sending by official check would have recourse and you can be asked as proof of delivery if needed, a source of receipt. They also may have a funds availability delay so timing is important to consider along with the shipping time frame. Yes you need to send express mail so you do have that fee as well. Just food for thought as most folks do not know or understand a wire. They just go in and ask but have no idea what is going to happen with your money. hope this helps a bit.
 

How many days before the closing date should you wire the funds? As close to the closing date as possible to hold on to your money longer, or the sooner the better to expedite the process?

I send when seller completes paperwork, and they close the next day, or even that day. They don’t wait two weeks for that magical closing day if everything is conplete. Just get it done if the seller is done.

That date is to have a deadline in case someone doesn’t do what they are supposed to.
 















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