Title Representative · Fort Lauderdale, FL · Member since 2009 · 62 posts · 24 votes
16y
And if you are dealing with REO, a lot of the banks are now requiring proof that the closing/title company has received those funds. They are not releasing their signed contracts until they verify this.
(SIDE NOTE): Before sending, always confirm where to send the check to and what type of funds are required (wire, personal, certified). It's never fun tracking down a lost EMD check. With the "good funds law", many are limiting the type of funds they will accept these days...
Title Representative · Fort Lauderdale, FL · Member since 2009 · 62 posts · 24 votes
16y
And if you are dealing with REO, a lot of the banks are now requiring proof that the closing/title company has received those funds. They are not releasing their signed contracts until they verify this.
(SIDE NOTE): Before sending, always confirm where to send the check to and what type of funds are required (wire, personal, certified). It's never fun tracking down a lost EMD check. With the "good funds law", many are limiting the type of funds they will accept these days...
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
16y
Originally posted by Tiara Murray:
And after 3 days the contract becomes void?
That is up to the discretion of the seller, but legally, yes it becomes void as the contract stipulates that.
If it stipulates 5 days, then after 5 days it is void.
Jamie also states a valid point that the banks want to see proof of the EMD.