Maybe I'm just a lucky person, but in all my years in the business, I have never, ever, had an escrow close early and not have the title company call me on a Sacramento closing. This was one of those transactions where the buyers came in with their own lender. A hungry lender. A mortgage broker who probably hasn't seen a paycheck for a while.
We specifically asked for closing to happen on Friday, August 8th. I was a bit astonished yesterday when I received an email from the mortgage broker saying, "Congratulations, we're on record." Or, maybe he meant, "Congratulations, this deal pulls me out of foreclosure." But the title company never called to confirm recording. The mortgage broker never responded to my email nor phone call. But he knows I'll never refer anyone to him. It's still no excuse for unprofessionalism.
The title company made two mistakes: Not calling to confirm and closing a day early.
I emailed title. I called and left a message at title. This was at 3 PM yesterday. Today, I received an email from an assistant saying "oops."
Now most people would let that go. Most agents would say what the heck, it closed, I am happy. Not me. Finally, because of my managing broker's assistance, the national center for this title company, which will remain unnamed, called me to apologize. What could they do? Well, it costs a buyer to close early -- prorations, interest, taxes, insurance.
The title company is sending the buyers a gift card to The Home Depot for $150.
Photo: Big Stock Photo
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Broker-Associate at Lyon RE. Selling since 1974, helping buyers & sellers in Sacramento. Land Park resident. Midtown office. Home Buying Columnist for New York Times' About.com. DRE license #00697006
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Elizabeth, this is the first time I have ever heard of this happening. Wow!
hey Elizabeth,
Good blog! I was like I know her she is a star-thats you I am talking about!
very interesting. why would your client not mention to you that they were closing early?
Most agents would be screaming Whoo Hoo! HOWEVER, it's your hiney that will be on the "Defendant" line if something goes really wrong and someone realizes they jumped the gun or there was a mistake in haste, right?
I once had a foreclosure situation being handled by a real estate attorney a few hours away (at the insistence of the mortgage company who owned the property.) I was the selling agent and another agent in my company was the listing agent. I called daily checking with the paralegal responsible for handling the closing. I had called a couple of days in a row and left messages with no reply. Our office manager checked the mail and guess what was there? Yep - our checks.
Hi C: I checked with the escrow officer I do a lot of business with and she said, yes, sometimes it happens. So I've just been lucky.
Hi Ken: My client didn't mention it because the title company didn't call them, either.
Hi JaCi: Thanks for the vote of confidence, JaCi, but it was really YOU who stirred a fire under them.
Hi Celina: It's a poor reflection on the agent when title doesn't call. For me, I don't care if closes this week or next year as long as the buyer is happy and the closing meets the buyers' expectations.
As Colonel Klink would say "Verrrry Interesting".
Bob
Elizabeth, I've never heard of this happening (especially them keeping you out of the loop).
It's not good they closed early, but the $150 gift certificate should cover the losses, correct?? If so, at least they corrected the mistake, but they should have called, but maybe knew they were in trouble & didn't want to face you.
Elizabeth... I'm with you... It would not set well with me that they moved up closing and didn't bother to let me know. Sometimes there are very good reasons we schedule closing for a particular day and for someone not in a position of knowledge to arbitrarily change that would have me making phone calls as well.
When you have been in the business long enough, you see just about everything. I used to think I was lucky, now I think it is only a matter of time before all the good and bad happens to me, if I am lucky to be that busy and live long enough. $150 was cheap for them but you can't fix some things.
Hello Bob: I think you are referring to Arte Johnson from Rowan and Martin's Laugh-In and not Colonel Klink, whom, I may add, actually said, "Veeerrry interesting, but Schtupid." :)
Hello Gary: Well, there's always something new in this business.
Hello Ronald: The $150 MORE than covers their losses, so the buyers are thrilled.
Hello Jesse: It's one thing to close after the scheduled date, but before can often mess up things as well.
Hello Robert: Oh, I know I am lucky. No doubt about it.
I actually had this happen once myself---when I was a newer agent. It felt as if I was in the Twilight Zone. I spent a lot of time trying to figure out what I did wrong and how this could have happened. My buyers were notified and wondered why I was not at closing! I love that your clients are getting a gift card----they should send you one too!!
Hi Pat: I don't need a gift card. In fact, I don't particularly like gift cards because it means I have to actually GO somewhere to spend it, and then I spend more than what was on the card for stuff I don't really want. But I'm happy my buyers got one.