All Forum Posts by: Andrew Kennedy

UPDATE:

I opened a savings account at an online-only bank which offers online-initiated wire transfers. I was able to transfer all necessary funds from Huntington Bank using the bill pay/ACH transfer method, then execute the wire transfer to the title company.

This wasn't a completely painless process: The new bank typically does not allow transfers >$25k on accounts opened within the last 90 days, so I had to request an exception, which led to me needing to provide a bunch of verification documentation. Luckily the bank has 24-hour phone support, and they completed the process within a day. And, as suggested/predicted by @Julee Felsman, I had to to verify the the moving of funds between banks and write a letter of explanation for the lender.

Thank you to everyone who contributed to this thread! I close on the property this week (using another less-common process, video notary).

 Huntington National Bank does not have any branches in my location (Munich Germany). I called the bank to see if other options are available, and one person suggested using Western Union. There are Western Union branches in Munich, but I've never used that before. I'll need to do some research.

Hey BP fam,

I am under contract for my first investment property (Woot!). For closing costs/down payment, the title company says I can pay using only: 1.) wire transfer, or 2.) personal/cashier check, if provided 2 weeks in advance... The trouble is, I am currently living outside the US, and my bank, located in the US, requires IN-PERSON wire transfers. And I cannot get a check made out in time (also due to my location situation). Does anyone have any advice for how I can get my funds to the title company in time for closing?

Here are some potential solutions I've thought of:

1.) I open an account at an online-only bank, such as Ally Bank, which allows for online wire transfers. I then transfer my funds from my current bank using ACH or whatever online transfer methods they allow. Then I can wire transfer the closing costs to the title company from Ally Bank.

2.) I transfer my funds from the current bank to a family member in the USA using ACH or whatever online transfer methods they allow. Then that family member executes a wire transfer to the title company.

If interested, here are some background details:

The property is a duplex in Lakewood, OH. I'm using a conventional 30yr mortgage which requires 25% down. My current bank holding the funds is Huntington National Bank. I am living in Munich, Germany for a temporary (2.5 yr) work assignment. Before moving abroad, I lived in Lakewood, and there is a good chance I will return to the CLE area when the international assignment is done next year.

 @Jeff Copeland, would you mind also PM'ing that link to me?