Reta Chin from Fidelity National Title shares 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 Funds
Pick 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 confirm
Do 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/sellers
Escrow officers may have access to wire boards
Departments within a title/escrow that notify the escrow officer that notifies you