any finance types here? looking for some bank wiring info

[alent1234]

my closing to sell my co-op apartment was supposed to be last week. problem was that the attorney for the buyer's bank didn't bring any money. he said the bank wired the money to a long closed account and he couldn't write a check even from the funds he currently had in his escrow account.

i was told that all the money flows through the federal reserve and that it would take a day or so to get it back and wire it again. so far all i know is that Citi is conducting an internal investigation and the money may not have been recovered yet. it was wired to a bank that has been bought by Capital One a few years ago

anyone know if these things are common and how long it usually takes to sort it out? my attorney who's had 12 years of experience said it's the first time she has encountered something like this

 

[tigres]

my closing to sell my co-op apartment was supposed to be last week. problem was that the attorney for the buyer's bank didn't bring any money. he said the bank wired the money to a long closed account and he couldn't write a check even from the funds he currently had in his escrow account.

i was told that all the money flows through the federal reserve and that it would take a day or so to get it back and wire it again. so far all i know is that Citi is conducting an internal investigation and the money may not have been recovered yet. it was wired to a bank that has been bought by Capital One a few years ago

anyone know if these things are common and how long it usually takes to sort it out? my attorney who's had 12 years of experience said it's the first time she has encountered something like this

I would be concerned. Find out from the person's bank who did the wire, to provide your attorney the FED FUNDS ID#. All wires have a Fed tracking number before the wire even hits the other side.

This should be very traceable under standard bank wiring practices.

 

[alent1234]

thx

my lawyer just emailed me and said they found the money and just need a few updated financial statments from the buyers to schedule another closing.

 

[tigres]

thx

my lawyer just emailed me and said they found the money and just need a few updated financial statments from the buyers to schedule another closing.

Well good luck then!

 

[pilotError]

Seriously, where did he come up with the info to wire to your account?

That's extremely unusual in a closing. I've never heard anyone wire transfer a closing before. They usually bust your chops if you don't have the correct check amounts.

 

[callmemike20]

Seriously, where did he come up with the info to wire to your account?

That's extremely unusual in a closing. I've never heard anyone wire transfer a closing before. They usually bust your chops if you don't have the correct check amounts.

A few people I know that recently sold their homes all got their money by wire on the closing date.

 

[kryten3000]

I work for a bank and my experiance includes Domestic and Int'l wire transfers. That being said, have the remitters bank do a wire trace, this will help track the funds and tell you where they are in the stream of things.