Cash at Closing
Not all money transfers are created equal. Both wire and Automated Clearing House (ACH) transfers are ways to electronically move money from one bank account to another. They may seem alike, but they are not. These methods of sending funds are referred to as an EFT or electronic funds transfer. EFT is an umbrella expression…
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An increasing number of problems with cashier’s checks have some title companies revising their requirements for cashier’s checks and the delivery of funds needed to close a sale. Many title companies may now require buyers to wire money to them if the amount is substantial. Some have set the limit for cashier’s check at $5,000,…
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Why would a home seller prefer a cash buyer? After all, the seller gets their funds from the title company the same way regardless of how the buyer pays. Sellers often do not care where the purchase money is coming from, as long as the buyer can get their loan approved in a reasonable amount…
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When you buy a home, there are quite a few situations where buyers will need to pay cash to during the length of the transaction. But what are they, and how much will it cost? Our most-trusted mortgage expert, Bob Johnson (AKA BobMortgage) pulls back the curtain on how much cash you’ll need to buy…
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