The closing date is approaching, but the wire has not reached the title company—or the funds arrived without enough documentation for the lender to approve them.
For a foreign buyer, an international wire problem can threaten the mortgage, purchase contract and deposit at the same time.
The transaction may still be saved, but the buyer must identify whether the problem involves delivery, currency conversion, compliance review or verification of the source of funds.
Why International Wires Can Be Delayed
An international transfer may pass through one or more intermediary banks before reaching the final account. Delays can result from transfer limits, compliance reviews, banking holidays, incorrect account details, currency conversion or incomplete beneficiary information.
Even when the money arrives, underwriting may be unable to use it until the transfer has been properly documented.
The lender and closing agent may need to confirm who owned the money, where it originated, how it moved and whether the complete amount is available in an acceptable account.
Foreign buyers can learn more about foreign national mortgage financing.
Preserve the Complete Transfer Record
Contact the sending bank and request the wire confirmation, reference number and available trace information. The borrower should also retain the original account statement, transfer request, currency-conversion record and evidence showing receipt by the destination account.
The names, account numbers, transferred amount and dates should create a consistent trail. If the money passed through another account, the lender may require documentation for each step.
Do not send replacement funds from a different person, company or account without first speaking with the mortgage professional and closing agent. Changing the source can restart the verification process.
Confirm Wire Instructions Before Sending Money
Real estate wire fraud can involve messages that appear to come from a lawyer, title company, real estate agent or lender.
Before transmitting funds, confirm the instructions directly with the closing agent using a trusted telephone number obtained independently—not a number contained only in the wire email.
If instructions change unexpectedly, stop and verify them. A legitimate professional should understand the need for confirmation when a large real estate transfer is involved.
What If the Funds Will Not Arrive on Time?
Notify the mortgage professional, real estate agent and closing attorney immediately. Do not wait until the scheduled closing day to disclose the delay.
The closing agent can confirm the deadline for receiving acceptable funds and the form in which they must arrive. The buyer’s attorney or real estate professional may need to request a closing extension if the transfer cannot be completed on time.
Changing lenders or mortgage programs does not automatically extend the purchase contract or protect the buyer’s deposit.
The borrower should also confirm whether the exchange rate changed the amount available in U.S. dollars. A transfer initiated with enough money in the foreign currency can still create a closing shortage after conversion charges or exchange-rate movements.
Do Not Complicate the Source of Funds
Avoid moving money through several personal, business or investment accounts merely to accelerate the transaction. Each additional transfer may create another layer of documentation.
Do not accept an undocumented loan or last-minute gift without lender approval. The source, ownership and repayment terms of the money can affect mortgage eligibility.
If the closing funds come from the sale of an investment, property or business asset, retain the documents showing both the sale and receipt of proceeds.
Prepare International Funds Before Making an Offer
Foreign buyers should review down-payment, reserve and transfer requirements before the Florida purchase becomes urgent. Confirm which accounts will be used, what statements are needed and how much time the banks require.
Lendworth USA helps Canadians and other international buyers prepare financing for Florida properties. Call 1-888-898-8285 or begin a secure foreign national mortgage application.
Lendworth USA Corp. | NMLS #2725385
All loans are subject to borrower eligibility, acceptable documentation, credit approval, property review, underwriting requirements and program availability.
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