Paying for new Resale contract

[Twiggy1953]

We’ve just had our first Resale contract accepted, but I’m unsure where in the process you need to make the balance payment.(presuming it gets through ROFR). Can anybody clarify for me please?

[Shooby doo]

Once you pass ROFR, you will be sent details when this happens & how soon you need to pay the balance.
SD

[YorkshireT]

Set up an account now with XE.com ready to do the transfer. Others have given people a problem with payments rejected etc, no one I don’t think has had a problem with XE and I personally used it for three contracts, always good.

[Helenr]

I’ve used xe.com in the past too

[Twiggy1953]

Originally Posted by YorkshireT

Set up an account now with XE.com ready to do the transfer. Others have given people a problem with payments rejected etc, no one I don’t think has had a problem with XE and I personally used it for three contracts, always good.

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I had a quick look at that this morning. Am I right in thinking you can use a credit card through XE.com?
Credit card points make flights😂

[YorkshireT]

Originally Posted by Twiggy1953

I had a quick look at that this morning. Am I right in thinking you can use a credit card through XE.com?
Credit card points make flights😂

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You’ll be charged cash advance.

You need to arrange to transfer money from your bank into it.

Set up the XE account first as they do laundering checks. I was on some diplomatic list so they had to verify and that took a few days.

[Twiggy1953]

Originally Posted by YorkshireT

Set up an account now with XE.com ready to do the transfer. Others have given people a problem with payments rejected etc, no one I don’t think has had a problem with XE and I personally used it for three contracts, always good.

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So I did this and transferred the balance last Wednesday. Today I find out that the Title companies bank has rejected it because it was sent as ACH and not a wire transfer. I don’t think I got to choose which way I wanted it sent when I filled everything in, although I’m sure if I did have the choice I would have put Wire as the closing instructions were quite clear about this. So now I’ve got to wait for instructions on what to do next once it’s received back from USA. It’s going to be a long weekend☹️ Anyone know if this is going to cost me any further money?

[tigger48]

OP we had exactly the same issue with XE earlier this year for transfer of the final balance due, despite stating that the transfer was for a property transaction! Don’t be too concerned it’ll come back into the account in a day or so. In the meantime try and chat with an XE representative and spell it out in no uncertain terms that when the monies arrive they must be resent immediately as a wire transfer only, since an ACH will simply be returned again. The failure to send as a wire transfer is jeopardising your property purchase 😉.
After discussion along the above lines, our 2nd attempt went through fine 👍.
From making enquiries subsequently, it seems that XE now opt to send by ACH as it has lower fees, and unless there are explicit instructions for a wire transfer.
Which resort are you hoping to make your new home? Good luck with the ever fickle ROFR monster!

[Twiggy1953]

Originally Posted by tigger48

OP we had exactly the same issue with XE earlier this year for transfer of the final balance due, despite stating that the transfer was for a property transaction! Don’t be too concerned it’ll come back into the account in a day or so. In the meantime try and chat with an XE representative and spell it out in no uncertain terms that when the monies arrive they must be resent immediately as a wire transfer only, since an ACH will simply be returned again. The failure to send as a wire transfer is jeopardising your property purchase 😉.
After discussion along the above lines, our 2nd attempt went through fine 👍.
From making enquiries subsequently, it seems that XE now opt to send by ACH as it has lower fees, and unless there are explicit instructions for a wire transfer.
Which resort are you hoping to make your new home? Good luck with the ever fickle ROFR monster!

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Thanks for your reply. Good to know we’re not the only people this happened to. The title company has finally received the money today, a whole week after I sent it. I don’t think I will be recommending XE to anyone. Their communication is dreadful. There should be somewhere on the form you fill in where you can say it has to be by wire and not ACH. If there was somewhere I didn’t see it. Anyway just waiting on Sellers returning closing documents now!

[Helenr]

Originally Posted by Twiggy1953

Thanks for your reply. Good to know we’re not the only people this happened to. The title company has finally received the money today, a whole week after I sent it. I don’t think I will be recommending XE to anyone. Their communication is dreadful. There should be somewhere on the form you fill in where you can say it has to be by wire and not ACH. If there was somewhere I didn’t see it. Anyway just waiting on Sellers returning closing documents now!

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Happened to me too! XE were great and sorted it out.