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Moving Money Quickly
Old 01-30-2018, 11:29 PM   #1
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Moving Money Quickly

The good news is that I think I bought a house - for cash. The bad news is that I agreed to a quick closing - in two weeks, in order to win the bidding war.

What is the fastest way to move this money from Vanguard and or Fidelity - i.e. can I liquidate some funds and just have Vanguard wire the money to the title insurance company? Or does the money need to be moved to a local bank so I can have a certified check drawn up? Anyone gone through this process?
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Old 01-30-2018, 11:45 PM   #2
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2 weeks. Wow. Can the Title company get done that fast? No inspections I guess. WYSIWYG

Pretty sure VG can wire Title company funds. Be extra sure on the routing number. There is a scam with folks pretending to be Title companies. We sold our house almost 2 years ago and our proceeds got delayed. I was pooping bricks. It got resolved (and title company refunded fees)

Instead of e mailing Title company I might go down in person and talk w.your closer.

Good luck and hope your sewer line is good!
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Old 01-30-2018, 11:52 PM   #3
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Originally Posted by Scrapr View Post
2 weeks. Wow. Can the Title company get done that fast? No inspections I guess. WYSIWYG
Real estate agent has some guys who can do the inspections quick - house, well and septic. Place looks pretty well cared for so I'm not too concerned

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Pretty sure VG can wire Title company funds. Be extra sure on the routing number. There is a scam with folks pretending to be Title companies. We sold our house almost 2 years ago and our proceeds got delayed. I was pooping bricks. It got resolved (and title company refunded fees)

Instead of e mailing Title company I might go down in person and talk w.your closer.

Good luck and hope your sewer line is good!
Agent warned us about these scams. I'll exercise extra caution.
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Old 01-30-2018, 11:54 PM   #4
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This will not be a problem. Fidelity has wired funds for me multiple times to third parties for real estate closings. You just have to liquidate funds so they’re available in cash and then provide them with the wiring instructions. If you haven’t done this before, call them and they’ll walk you through the process. They make it easy.
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Old 01-31-2018, 06:16 AM   #5
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I just went through this with Vanguard on a house closing where I needed the funds quickly. From the time I called Vanguard to start the transaction to the time I had the money in my bank--two full days. I had my bank on file with Vanguard for wiring funds. Not sure about wiring funds to someone you don't have on record at Vanguard. I would think three days maximum.
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Old 01-31-2018, 06:42 AM   #6
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If the money at Vanguard/Fidelity is in a mutual fund, ETF, or stock: Then you have to sell it first. The trade has to settle, too. If you sell today, mutual fund money is available to wire tomorrow morning, ETF and stock, the money is available to wire at T+2 which would be day after tomorrow.

You have plenty of time, so wiring is not really needed unless amount exceeds some ACH daily limit. An ACH transfer would add only one more day in my experience.

My local bank where I have a checking account for many years, accepted in full a check I wrote on my Vanguard money market fund the same day, so I had use of the funds in about 5 minutes. This is probably unusual.

My local bank would create a cashier's check if needed. If there is a title company involved, you can call them and ask how they want to receive your money: wire, cashier's check, bags of $100 bills, ..., whatever.
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Old 01-31-2018, 06:55 AM   #7
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Just beware that ETF funds may take a few days to be credited to a Cash account. Thus funds in a regular mutual fund may take 2 days to get in the cash account.
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Old 01-31-2018, 07:49 AM   #8
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For the last house I bought for cash, I had Vanguard wire the money to the account I have set up with them at my local bank, and the title company accepted a personal check from that local bank, at closing.
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Old 01-31-2018, 07:53 AM   #9
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Just be aware that the real estate agent's company may not always provide a house inspector that is 100% impartial.

-BB
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Old 01-31-2018, 07:56 AM   #10
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You have time, you can do an ACH to Fidelity, then wire from Fidelity.

Fidelity offers FREE money wires, if you have a decent sized account. Wire it to the Title company. Most title companies will only accept a wire for a sizable amount, like over $1,000. Any other type of transfer (i.e. checks) can be forged, cancelled or a stop payment initiated. A title company is on the hook if the check is not valid.

Fidelity may have a delay if it is a sizable wire, to verify with you that it is legitimate.,

I just bought a house too, and I will be doing the wire from Fidelity as well at the end of February 2018.

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Originally Posted by Scrapr View Post
2 weeks. Wow. Can the Title company get done that fast? No inspections I guess. WYSIWYG
It has nothing to do with inspections. You can have an inspection easily in 2 weeks. Appraisals and underwriting is what takes time.
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Old 01-31-2018, 08:02 AM   #11
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We had to cash out some CD's and I recall the wire transfer funds were available next day at my bank (CD's were in a Cali bank and we had moved to TX...) All happened in a few days. You may need to allow 3 days after the trade clears? Sounds doable either way.
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Old 01-31-2018, 08:04 AM   #12
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Just be aware that the real estate agent's company may not always provide a house inspector that is 100% impartial.

-BB
They could lose their license if they do that. I have never seen that to be the case.
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Old 01-31-2018, 08:07 AM   #13
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We had to cash out some CD's and I recall the wire transfer funds were available next day at my bank (CD's were in a Cali bank and we had moved to TX...) All happened in a few days. You may need to allow 3 days after the trade clears? Sounds doable either way.
Wires should be available within a few minutes. ACH funds, also electronically transferred, take a day or two. Margin loans can/will be used until the trade settles, if needed.

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The Federal Reserve Banks funds transfer business day begins at 9:00 p.m. ET on the preceding calendar day and ends at 6:30 p.m. ET regardless of the Reserve Bank's geographic location or time zone.

For example, on a Sunday, the Fedwire Funds Service will open at 9:00 p.m. ET with a cycle date of Monday, although transfers sent from 9:00 p.m. to midnight ET on Sunday will settle in real time on Sunday.
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Old 01-31-2018, 11:40 AM   #14
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....Agent warned us about these scams. I'll exercise extra caution.
I think the easy solution is to call the title company directly (but of course, not the number on the email) and verify the wiring instructions over the phone before doing the wire.
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Old 01-31-2018, 11:58 AM   #15
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... What is the fastest way to move this money from Vanguard and or Fidelity ... ?
Why don't you just ask them?
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Old 01-31-2018, 01:42 PM   #16
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They could lose their license if they do that. I have never seen that to be the case.
Your experience not withstanding, there is an inherent conflict of interest that can play out in subtle ways in some cases. Take a look at this article, which advises buyers to hire their own independent building inspectors.

https://www.trulia.com/blog/4-reason...ome-inspector/

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Old 01-31-2018, 07:52 PM   #17
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They could lose their license if they do that. I have never seen that to be the case.
Has anyone not sometime moved into a house that was inspected and at most minor faults found and then plenty of things turned up after move in + 2 months or so? An inspection is not completely straightforward, especially in an older house or a house with a septic as I think this one has. Since there are missed issues routinely, it seems that it might be difficult to prove malfeasance unless the inspector missed a missing floor or windows or something. In any case, the suit would cost you plenty in att0orney fees.

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Old 01-31-2018, 08:02 PM   #18
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They could lose their license if they do that. I have never seen that to be the case.
Hahahahaha....big breath......hahahaha

No really. You think RE Agents don't know who provides "good enough" inspections? There are enough holes in an inspector contract they are basically bullet proof. Furnace has a cracked fire box? Not covered, we don't look inside. Roof leaks? We only inspect from the ground. Etc

And as busy as the home sales are (even in January) inspections (from your own list) could easily be out 2 weeks. Even one week would be enough to make negotiation difficult

RE agents don't get paid until the sale closes

and I LIKE RE Agents!
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Old 01-31-2018, 11:16 PM   #19
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Why don't you just ask them?


I will, but I appreciate the advice given here, as well. It is the things that I don’t know that I don’t know that bite me.
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Old 02-01-2018, 07:31 AM   #20
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Hahahahaha....big breath......hahahaha

No really. You think RE Agents don't know who provides "good enough" inspections? There are enough holes in an inspector contract they are basically bullet proof. Furnace has a cracked fire box? Not covered, we don't look inside. Roof leaks? We only inspect from the ground. Etc

And as busy as the home sales are (even in January) inspections (from your own list) could easily be out 2 weeks. Even one week would be enough to make negotiation difficult

RE agents don't get paid until the sale closes

and I LIKE RE Agents!
Most real estate contracts do not give you two weeks to get an inspection, most are 10-days or less. Some only 5-days. I just signed a HUD contract, it gave 15-days from the time the contract was signed for an inspection. 15-days is a long inspection period.
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