Why Cashier’s Checks for Home Sale Closing Costs Are Nearly Obsolete

If you were expecting a cashier’s check when you arrived at closing, you might be surprised to learn that this isn’t an option anymore for most realtors. When someone buys your home, you likely won’t get a cashier’s check in hand on the spot for your portion of the purchase price. Instead, it is likely that you will be expected to accept electronic payment of some sort. 

Why the change?

Even before the pandemic, the exchange of cashier’s checks is something that has been disappearing from closing tables. More and more people are using electronic forms of payment. Cash is becoming so obsolete that stores don’t even have enough change to give out to customers and are starting to require the use of debit and credit cards. Electronic payment is simply more effective and convenient. There are no waits for banks to open and no question about whether or not the check is legitimate.

Can you demand a cashier’s check?

Well, you can try. The bottom line is that no one else at that table—the buyer, the lenders, the title company, etc.—is going to be handling a cashier’s check. As the odd man out, you’re likely to get pushed into digital payment options as well. 

Electronic payment can be intimidating.

If you’re selling your home without an agent, you’re on your own to set up the electronic payment methods. If you have a good relationship with your bank, you should be able to talk to a personal banker and set everything up that way. As a closing broker, we can also help you set up the transaction so that you receive payment for your home promptly and without hassle.

Ready to get help selling your home? Contact us today for more information.