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.

[Theresa Harris]

Why can't you do a wire transfer from your current location and your current bank account (assuming you have one in the country you are currently in) to the title company?  You should be able to do a global wire transfer from your US bank through online banking.  Talk to the bank and ask, it might be called something different (global money transfer), but it is the same thing.