When can I expect my check or payment?
We make every effort to pay all of the parties involved quickly, oftentimes the same day the transaction closes. However, this can vary based on the day or time of day the closing occurs. For example, most banks aren’t open after 5 or 6 pm and are closed on weekends. That said, here is when you can expect to be paid for your closing or your commission if you were part of helping a transaction become a done deal:
If you are owed Commission as Realtor, you can usually expect a check to be cut the same or next business day, and estimate an extra day or two for FedEx delivery to actually receive it. If you’d like to receive the funds very quickly, it might be a good idea to select a Monday- Thursday closing date. This way you shouldn’t have to wait until the following week if banks or offices are closed.
If you are owed net proceeds from the sale of a house, you can expect a wire transfer initiated the same or next day, depending on the closing time or if preferred a check to be cut the same or next day as well.
Paper Check vs. Wire Transfer
Wire Transfers are often faster than receiving a paper check. However, this isn’t always the case if a wire transfer requires more verification and approvals (due to cyber fraud). As a result may even take an extra 24 hours to receive the funds.