Friday, June 15, 2007

query: problems with title companies closing on time

The title company always gets the blame because they are in control of the closing. It's not really fair, though, because so much that affects performance and timing is just out of their hands. A title company can be ready, willing and able to close, BUT....

Can't close without money from the buyer.
Can't close without hazard insurance.
Can't close without mortgage loan approval.
Can't close without seller mortgage payoff letter.
Can't close without executed deed from seller.
Can't close without mortgage loan documents.
Can't close without mortgage lender funding.
Can't close without HUD approval.

...and on and on and on and on......... BUT there are circumstances in which the title company is at fault and should apologize for doing a bad job. It's really just like anything else. It's very hard to judge from one transaction whether or not the title company is a victim of circumstances or a poor performer. The professionals who work with title companies every day can usually tell the difference. It's a little harder for the consumer. My suggestion is to listen, try to relax and hear them out. Make the best of whatever is happening but if logic tells you the transaction is truly out of control, call management and have them step in to fix it.

As for repeat business, same as any service, go with demonstrated good providers.

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