Earnest money pickup and delivery

Earnest money pickup and delivery

Ann Arbor, MI · Member since 2014 · 1k+ posts · 997 votes

Hi,

Here is an issue I am running into and hope somebody has an idea to:

A buyer client of mine makes an offer on a property. The buyer lives a great distance away from me and the property is also a great distance away from both of us. Same state, but different counties.

The buyer's offer is accepted and we reach mutual acceptance. Now, we had 2 days to get the earnest money to escrow.

The trouble is that because of the great distance between me, the buyer and the property I would rather not have to drive all the way to my buyer and physically pick up the check and then deposit that check with the escrow company. Plus, I really don't like handling any earnest money checks at all, regardless of location.

The vast majority of the time, my buyer is able to drop off the earnest money check at an escrow office close to them and everybody is fine and happy, but I'm wondering if there is a service I can provide my buyers to make this much simpler.

What I envision is that some sort of transport service (FedEx? UPS?) is utilized and they drive over to the buyers home, pick up the check, give the buyer some sort of receipt, drive to the escrow company and deposit the check, at which point escrow sends me, the buyer and the listing broker the earnest money deposit receipt.

Does anyone know if FedEx, UPS, U.S. Postal Service or anybody else offers something that would meet my needs here?

thanks

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  • Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    10y

    Wire transfer is my preferred method, period.  Cashiers checks as a second, no personal checks.  Sounds like you're looking for a "courier service".

  • Real Estate Investor · Davenport, FL · Member since 2015 · 516 posts · 152 votes
    10y

    We are a Brokerage, but also have another entity that invests.

    The client wires funds to our investment entity checking account, we withdraw cash, go to Amscot and get a money order and do the EMD.

    We take a picture of the money order, deposit confirmation and withdrawal and send to our client.

    Title Company confirms receipt, and we forward that e-mail to the buyer.

  • Ann Arbor, MI · Member since 2014 · 1k+ posts · 997 votes
    10y

    @Wayne BrooksYes, looking for a courier service. That's exactly right.  If we have gone to the moon then I am sure something out there exists that can help me.  

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