Clear to close on Wednesday, bank funds won’t clear until Friday

[Petya Toncheva]

Hi BiggerPockets family,

so I am elated and frustrated at the same time. I finally found a two family home in Fairfield Connecticut, after a year long search.

I am clear to close at the attorneys office on Wednesday, however, my bank funds won’t be available until Friday, which is when the deposits that I made into my account will be available.

I have a couple of questions here

1) if I wire the money on Wednesday at the attorneys office, will the wire bounce, even though the funds are pending?

2) is it better to tell the attorney that I will need a couple of more days before closing?

Any and all advice would be appreciated, especially if anyone has been in this situation before.

Thank you and have a great evening.

[Jay Hinrichs]

Quote from @Petya Toncheva:

@Jay Hinrichs

Boy do I miss those good ol day. Will a cashiers check work in my favor?

well if U can get a cashiers check that means you have the cash and you can then wire.. I may not be fully understanding what the issue is here.

I know NY has its own special closing procedures and uses attorneys unlike much of the rest of the country that uses title and escrow offices.  Their were so many fradulent cashiers checks that title and escrow companies stop accepting them as collectable funds.  And require any amount over 10k to be wired into their trust accounts.  Then you have other states that are pretty lose Like MS  and if the closing company knows you they will literally accept a personal check when its cash deals and no bank loan