Real Estate Tips: Six Important Things to Know About Wire Funds
- Wire funds are processed through the Federal Reserve on the East Coast – so there is a five hour time difference. Escrow officers have cut off times to wire out and receive funds.
- Wire funds are not instant, it is not like a text or an email. Wire funds can take several hours or up to even three days depending upon a variety of things including initiating wires and banks; it depends if you are using a bank or a brokerage company as well.
- Title companies never change their wire instructions ever. Wire fraud is email hacking – they will hack, watch, monitor and send change of instructions.
- Sellers Receiving FundsPick up the phone and call your escrow officer and provide all bank information verbally
Mae sure escrow officer is the correct escrow officer
- Buyers: Pick up the phone and call your bank or brokerage company to confirmDo you need to be in person to initiate a wire?
Can it be done via email/online?
Are there daily limits to wire limits?
- Title companies’ internal processes are different and on how they notify buyers/sellersEscrow officers may have access to wire boards
Departments within a title/escrow that notify the escrow officer that notifies you