THE BROKER'S CHECK BOUNCED. NOW WHAT!!
As a title agent I often collect excess deposit checks at closing from either the listing broker or the selling broker. I have been doing this for years and it has never been a problem.
UNTIL TODAY!! I got a notice from my bank advising that a check that I had deposited into my escrow account had BOUNCED!
I frantically researched the matter and learned that the check that I had presented for excess deposit had been returned.
I immediately called the broker's office and was connected to her assistant. I nicely explained that the check had been returned and that I just needed them to wire the funds to me today so that my account was in balance. I was told by the broker's assistant that they had recently switched banks and that this check should have been issued on the new bank. OK, that's fine. I understand completely. We can resolve this easily and quickly. No big deal. Mistakes happen.
I asked the broker's assistant to wire the funds into my account and she responded, "well, I can FED-X a new check to you".
Well, sadly, I responded, I can't take another check. I have no choice but to require certified funds or a wire.
The assistant then advised me that the broker was out of the office for the next week and that she has no way in which to wire funds.
She called me just a few moments ago to advise me that a new check (not certified) was being had delivered to my office today, and I appreciate her prompt response. I again reminded her that I needed certified funds or a wire and she again advised that she was not able to get either.
I have really never run into this before and don't want to make it a bigger issue than it is, BUT REALLY!!
I don't want to change my entire business model and say that I will not ever take a broker's check that is not certified, but I can't afford to fund excess deposit checks on behalf of brokers.
ANY BROKER OUT THERE? HOW WOULD YOU HAVE HANDLED THIS?
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