Help! Title company says 'Pay BEFORE Close'
We are supposed to close on Friday Oct 14 on a house in Indiana. We currently reside in MI. We have not seen the house for a couple of months. A walkthrough is scheduled to take place just before the closing meeting.
The closing is conducted by Chicago Title Company. My realtor is telling me we must wire transfer the money (cash sale) the day before close. I think I'd have to be insane to do that. I have placed a call to the Title Company but probably won't hear back until Monday. In the meantime, what's your take? What should I prepare to do/say?
It would probably be cheaper for us to lose our earnest money than to start litigating. But I would really feel ripped off if that happened. We made the offer about 3 weeks ago so the house has only been off the market that long. It was on-market a long time and empty. I feel certain the seller would be willing for us to make payment at close; I'm under the impression that to do otherwise is unreasonable. I'm quite sure this early payment demand is for the convenience of the title company or the realtors.