Collected and Clear Funds...4 calendar days for closing...

Escrow Company/Title Company require to bring onle Collected and Clear Funds...

What is it? And Why does it matter? Title companies have a requirement that all funds come in this form. They require either cashier's check, certified check or wire trasfer. I strongly recomment wire trasfer because all other funds will sit in the bank for 24 hours before they got trasfered to Title company which creates additional wait time.

Wire trasfereds are the best way, or vring your chashier's check a day earlier. Do not forget you I.D. for closing. The notary agent would need a copy of it.

4 calendar days for closing

This means that the transaction has 4 days from when you go to settlement to fund and record. This is CALENDAR DAYS, not business. Here might be a problem, let's say you set up a settlement for a Thursday, everyone signs, everything is fine. Then on Friday you find out that the lender has some "Prior to Funding" conditions and this is going to delay the funding and recording to Monday. OOPS! Monday is holiday, and just like that, the seller is out of the contract and they can potentionally resell the house or accept backup offer.

What is solution?

1. always look at the calendar dates prior to writting offer/contract
2. keep good relationship with another party so they would be willing to extend the date.

Four Factual Economic Reports

This week brings us four factual economic reports for the markets to digest. They are all scheduled for release Thursday and Friday, so the first part of the week will be left mostly up to the stock markets. In addition to the factual reports, we will also get the minutes from the last FOMC meeting that can also cause movement in rates. Three of the four reports and the minutes are considered to be moderately or highly important to the bond market and mortgage rates. Therefore, we should expect to see another week of movement in rates.
The bond market will be closed today in observance of the Columbus Day holiday. The first report of the week comes Tuesday afternoon when the Fed will release the minutes to the last FOMC meeting. These may be a major mover of the markets or could be a non-factor, depending on what they say. The key will be concerns over inflation and the Fed's next move. If the Fed members were concerned about inflationary pressures, we may see the bond market move lower and mortgage rates higher Tuesday afternoon. However, if they indicate a likelihood of another rates cut in the coming months, we should see the bond market rise and mortgage rates drop during afternoon trading.