Please help

I’m closing on my second investment property on Nov. 28th. I did a HELOC with Citibank. I began the process on Oct 31. At that time the rep said I’d have the $ within 2-3 weeks. Now he’s saying that we might close the loan as late as Nov. 20th, and that I might not have the check until Nov. 27th. He said the funds could be wired to my account. Would my bank be able to receive the wired funds in one day and have it wired to the closing company the next?

What should I do if I don’t have the funds until the day after scheduled closing? I’m working with a realtor and the seller is working with a realtor. If I HAVE to request a later closing date, I know the seller can just say no and take my $500 earnest money. BUT, the seller is an older lady who just wants to sell the place.

What should I do? I’m so stressed. :-
Any thoughts would be greatly appreciated.

you have to show up at closing with cashiers check/cash right?

if so, and the funds will be wired to your bank, then day of closing, you should be able to cut a cashiers check for whatever you need for closing.

if you’re HELOC is through Citi, why can’t you just draw from that? or do you need that money in a biz account for closing or something?

why not just tell your realtor the situation and see if they’ll extend for a week?

Thanks Tom.

The HELOC won’t be funded until a day or two at the earliest.

The property I’m purchasing is in another state and I won’t be present, only my realtor will represent me.

I wasn’t sure if, when funds are wired, if they are immediately available or if there is a day or two of “processing time”.

I will talk to my realtor and hope that the seller won’t mind extending for a week.
It seems like everything should work out, I’m just stressing on the possibility of losing this deal.

Unless “time is of the essense” was put in your contract somewhere, then you’ve got a “reasonable” (whatever that means) amount of time to close the deal from the contract date. If you’ll look at your contract, it probably states something to the effect of “on or about closing date.”

Also, it would be very unwise for a seller to cancel a contract on a property just because the buyer’s financing will need another 3-5 days before it’s ready. Unless there is a solid backup offer that is a great deal better than the current price, it’s going to cost them more money.

Inform your agent and let them do their job.


Thank you for your reply Roger. I appreciate it. Guess I’m probably stressing over nothing. I will contact my realtor and let her know.