Had another successful closing a couple of weeks ago. Seller was a repeat customer of mine from Scotland. I had sold her the house six years ago as a vacation home in Poinciana Florida. Since I had the property “Range Priced” it sold for more than full price in about two weeks. Average days on market in Poinciana right now are about 75. Anyway that’s not the purpose of my post but thought I would throw a “pitch” in here. The closing was very easy with no complications. The Seller being in Scotland closed by mail away and gave the Title Company instructions to wire her funds to an offshore bank on The Isle of Man. Well here we are two weeks later and the funds are lost in cyber space. Needless to say my Seller is a little upset since we are talking about $200,000. As her Realtor I am very frustrated because I have no control over this and I am at a loss at what to do. Fortunately my Seller is very understanding and realizes this is out of my control. Hopefully the trace that has been ordered will locate the funds.
Has this happened to you? Was the money located? What can we as Realtors do to ensure these wires go smoothly and in a timely fashion? Are these types of transactions covered under the FDIC? Oops! Sorry I got to go my Seller is on the line wanting to know “Where’s my money?”