A common source of frustration at the closing table with lender involved deals is “waiting for funding.” To the average customer, when they think of wiring money, they assume it happens at the speed of light. It doesn’t.
The reasons buyers go first at the closing table is that some lenders may require the closing agent to fax/email signed documents so they can review and approve the signed documents before they will release the buyer’s funds. This is where patience is needed.
For some lenders, this can take 30-minutes after everyone has signed the documents at the closing table. Once the lender sends the wire, the money can take another 30-minutes to 3-hours to get to the closing agent’s bank. From there, seller’s proceeds, commission checks, payoffs, etc can then move forward.
If the wire from the lender is sent after 2-pm, sometimes funds are not received until the following day. Especially on Fridays this can cause a lot of avoidable points of friction.
A closing is not complete until the seller received their money, i.e. the closing agent’s bank receives the buyer’s funds.
My Agent Greg 