Yesterday was supposed to be the day that the sale of our home closed. We'd been told that, if the bank funded the loan in the morning, the title would record in the afternoon and the proceeds of the sale would be wired into our account this morning.
The escrow officer emailed us at noon yesterday that the loan had been funded and that title was ready to record. Based on that information, we cancelled our homeowners insurance and turned in the devices that allowed us through the gates to reach our former home.
At 6:30 PM, we received an email from our realtor that the funds had never reached the title company and that an investigation was underway (our realtor and the escrow officer had known this much earlier but hadn't bothered to let us know). Our insurance agent's office was closed but we sent an email and then phoned 1st thing this morning to make sure that our policy didn't cancel.
We've just heard that the problem was that the lender wired the money into the wrong account at the wrong title company. This is apparently unusual enough that they weren't sure how to set things right. The lender can't just call the transfer back. The wrong title company has to somehow reject the transfer. With the money back in the lender's account, they will then be able to rewire it to the correct title company (of course, we're thinking that, since it was their mistake, they should wire the money to the correct account first and then go about trying to recover the money that they tried to flush down the toilet).
The escrow officer was hoping that things would happen fast enough that she could still record title this afternoon. Of course that's being complicated by the fact that Riverside County will be doing some work on their systems this weekend and will be shutting them down early today.
So, if a miracle happens and they record title today, the transfer into our account will take place on Monday. More likely, it'll be on Tuesday. Sure glad that this wasn't like our last sale/purchase where we had both closes on the same day and had the proceeds of the sale wired to fund the purchase.
Our buyers must be a little frustrated as well. They had probably planned to start moving in this weekend. Unless title posts today, they won't get a key until Monday.
We had hoped to be around to make sure that everything came off smoothly but, our plans are to leave tomorrow and we have reservations all the way across the country. If it turns out that one of us needs to be here to straighten things out, we'll just have to put Kristen on a plane and I'll continue our cross country itinerary alone.
-JC-
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