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Archive for the ‘#WFTLearn’ Category

Wiring funds when buying a home

Posted by Chris On February 13

By Chris Black, Esq.

During the closing process, who doesn’t want to reduce costs and shorten steps whenever possible, right? To this end, many of our customers ask us about wiring funds for both escrow and total closing costs together. This is a great question that likely results from people’s interest in avoiding multiple wire fees or in wanting to avoid multiple trips to the bank. We get it.

Ordinarily, if a consumer wires funds to us, they are charged a fee for that service by their bank. (Note: Winged Foot Title’s current bank does not charge for incoming wires so we do not need to pass along such a charge to the consumer.). And, in most cases, consumers must be physically present at a bank branch in order to initiate the wire. So, we totally understand the desire to avoid additional fees and trips to the bank. From our perspective, a buyer client who is paying cash for real property in Florida could certainly wire their earnest money simultaneously with what they estimate to be the required amount due at closing. Here are a couple of things to consider when doing so.

First, please notify us of your intent to wire the funds together so that we may account for them properly. Along those same lines, your notification should specify the amounts and their intended use. For example, if your earnest money requirement is $1,000 and you wire $125,000, please make sure that you communicate to us how the wire should be applied.

Second, it will be difficult or impossible to have an exact amount required for closing at the time your earnest money is due under the terms of your contract. That would require you to send an estimated amount, which if more than necessary we would refund or if less than necessary would require an additional wire transfer for the amounts outstanding.

Lastly, you should discuss your intent with your legal counsel or REALTOR®. There are potential issues with wiring all of your funds at one time and they may advise against it.

Want more tips for making your closing process a snap? Sign up for invitations to our free event series, #WFTLearn. Even if you have to miss one, we’ll send you a recap afterward!

Bill Steinke

Bill gives us flying lessons for our businesses!

We all know how important goal setting is to our long term success, both personal or professional. So why aren’t we more disciplined about it? Interference abounds, of course, which gives way to excuses for either not setting goals at all or for not following through on the actions that will help us to achieve the goals we have set.

At our November ’14 #WFTLearn event, Bill Steinke of Sellstate Achievers Realty in Fort Myers shared with us what he calls the “foundation” for successful business planning – The 5 Profoundly Simple Steps to Achieving Goals. Here they are in just over 4 minutes.

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One of the things we learned from our 16th #WFTLearn series was that successful people, REALTORS® or otherwise, perform well because they are passionate about what they do.  Listen to Michael & Denny describe their passion:

So what are you passionate about in your real estate business?  What moves you?

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On Wednesday the 23rd, we held our fourth and most successful #WFTLearn event at the Atrium in Fort Myers, FL  to inform our real estate partners about the ramifications of the Biggert-Waters Flood Insurance Reform Act of 2012 that just went into effect October 1st, 2013.

Many home owners and business owners here in Southwest Florida are experiencing rate shock due to the fact that their properties are not elevated, as many older properties are.

In the past, insurance agents could offer these property owners lower rates by putting them into a pre-FIRM (Flood insurance rate map) program.

But now that the Biggert-Waters Flood Insurance Reform Act is in effect, property owners can no longer be placed into this program.

As you can imagine, many owners of low-elevation properties here in Southwest Florida aren’t happy about this. If you’re one of them, we want to know:

How much has your flood insurance premium increased by?

Please answer in the comments section below.


Many many thanks to our panelists, staff and audience for a lively discussion on the state of the mortgage lending industry and its effect on REALTORS®.

We will unpack the myriad discussions we had here but I wanted to share my single most impactful takeaway.

In spite of the grey clouds of issues we all face everyday, I saw a great deal of silver lining in what we heard from our panelists. Mortgage lending isn’t in such an abysmal state as I previously thought.

In short, I learned that there really are options for buyers who want financing.  And I don’t know about you; but it sure does seem like a long time since I have said something like that.

I learned that:

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NOT LEGAL ADVICE: This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Every effort has been made to assure that this information is up-to-date as of the date of publication. It is not intended to be a full and exhaustive explanation of the law in any area. This information is not intended as legal advice and may not be used as legal advice. It should not be used to replace the advice of your own legal counsel.

Winged Foot Tite, LLC is not associated with the government, and our [short sale orchestration] service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.