Investor · Carpentersville, IL · Member since 2015 · 5 posts · 0 votes
Whats up guys. So we finally got a signed contract from the sellers.
My attorney notified me saying that they are kind of a pain to deal with ( I've read that everywhere) but she also stated that usually the buyer wires the money for the property and we would have to wait about a week for them to ok and confirm the funds and they can finally give us an OK to occupy the property. Does that seem normal? i would think that as soon as i wire the funds i should be good to go.
Realtor · Colorado Springs, CO · Member since 2013 · 988 posts · 447 votes
11y
When you wire a large amount of fund it doesn't go from one bank directly to another, instead it goes through some agency (cant remember which one) who approves the funds first and then to the receiving end. This typically can be done in less than 24 hours. A week does seem like a very long time to just wire funds.
Investor · Carpentersville, IL · Member since 2015 · 5 posts · 0 votes
11y
ill go ahead and post what her message said.
Also, the way this seller does closing is we actually just set up a "signing date." On that date, they send us the documents via email (they are supposed to send to me but probably will just send to you, and you can forward to me to print/review). Then you wire your money. Then you and .. and I meet up to go through the docs and sign and send in. It takes as much as a week after that for you to get a notification that says you can occupy the property and that the documents have been signed/approved by the seller and the deed has been issued. Obviously it is frustrating to send money but then wait a week to actually confirm they received everything and the file is closed, but that is the way this seller works. It is unfortunately "take it or leave it." I think .... may have clued you in before hand to how this Altisource company works.