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I'm planning to purchase a bank REO property. The Bank requires me to wire the funds to close at least 1 day before closing to their Title Company.
How can I best protect my funds, since I will be sending them prior to the Covenant or similar deed conveys ownership to me.
Thanks In Advance,Uni
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Thanks Mr. Shahzad, Is Michigan one or the 33 states that has adopted this policy? I tried a Google search unsuccessfully. I'm trying to find a knowledgeable Real Estate Attorney in the the Greater Detroit Area, in Michigan. It seems to be a daunting task. I've spoken with 4 Attorney's. 1 seemed very well qualified, but isn't available, & hasn't been able to recommend another Attorney. The other 3 were lacking in knowledge, even though they were commanding an hourly fee upwards of $200. I've questioned 2 about protecting my wired funds, & neither of them mentioned this RESPA act. Please tell me, how can a person best protect their settlement funds when wiring those funds. How can a person even be certain that the fund receiving the wire transfer is even an escrow fund? 1 of the Attorney's questioned, said "This is a matter of trust. I know of no way to secure you. It would be preferable to exchange a deed for check at a closing at the title company". 1 of the Attorney's, said he could draft a document that requires the Title Agent not to transfer the settlement funds, absent of closing. This sounds good, if the the Settlement Agent will sign the document (unlikely). There is too much potential for fraud. There must be some way to handle a wire settlement transfer of funds safely. Please tell me your thoughts on how to safely transfer funds by wire in a real estate settlement transaction, in such a manner to protect the funds. Thanks Again
I really appreciate the RESPA reference.Are you certain all settlement funds must be wired funds when the settlement amount is $50,000 or more? Is bringing a cashiers check to closing a thing of the past?
Thanks for your answers.
How do I insure the funds are actually going to the escrow account? I only have wire instructions to a bank account listed on the wire instructions as an escrow account, from an upstart title company that's been in business for less than 2 years.
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