Challenge to Pay Closing Costs While Abroad

[Andrew Kennedy]

Hey BP fam,

I am under contract for my first investment property (Woot!). For closing costs/down payment, the title company says I can pay using only: 1.) wire transfer, or 2.) personal/cashier check, if provided 2 weeks in advance... The trouble is, I am currently living outside the US, and my bank, located in the US, requires IN-PERSON wire transfers. And I cannot get a check made out in time (also due to my location situation). Does anyone have any advice for how I can get my funds to the title company in time for closing?

Here are some potential solutions I've thought of:

1.) I open an account at an online-only bank, such as Ally Bank, which allows for online wire transfers. I then transfer my funds from my current bank using ACH or whatever online transfer methods they allow. Then I can wire transfer the closing costs to the title company from Ally Bank.

2.) I transfer my funds from the current bank to a family member in the USA using ACH or whatever online transfer methods they allow. Then that family member executes a wire transfer to the title company.

If interested, here are some background details:

The property is a duplex in Lakewood, OH. I'm using a conventional 30yr mortgage which requires 25% down. My current bank holding the funds is Huntington National Bank. I am living in Munich, Germany for a temporary (2.5 yr) work assignment. Before moving abroad, I lived in Lakewood, and there is a good chance I will return to the CLE area when the international assignment is done next year.