Bringing Your Money to Closing
If you are relocating from out of town and buying a home here in the Barrington area, it's very likely you'll be putting some of your own money towards the purchase or have some equity from the close of your current home sale.
Once the closing date approaches your attorney will notify you how much money is required from you at closing. The rules in Illinois have recently changed. If you are required to bring up to $50,000 it can be in the form of a cashiers certified check. Anything over $50,000 must be wired direct to the title company and must be received before you can close.
Many of us use online savings accounts as they have a better interest rate. If your money is in an online account allow extra time to have it moved around. If you are closing a sale first and using your equity, your title company should be able to wire the funds direct to the title comapny closing your purchase, but again allow time.
Always bring your personal check book as small shortfalls can usually be paid this way.
Corinne Guest | Managing Broker | Royal Advocate Realty | Barrington, IL, 60010