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No one knows what to do!

By
Real Estate Broker/Owner with Home Point Real Estate DRE # 01492725

As a Realtor I work 24/7 to keep my clients informed and happy. I only succeed when they succeed. So what is going on with the Title & Escrow Companies?

In these days of Bank Owned Homes dominating the market the banks are dictating who handles Title & Escrow. These transactions are being centralized in a few select Title & Escrow companies. The back log is slowing down the process and the files are being handled like a hamburger at the fast food joint.

Before the banks took over and began to dictate the process Title & Escrow companies were very responsive because they knew that their business depended upon customer service. I recently had to call the home office of a large Escrow company to even get a return phone call on a file that ultimately set around for weeks. I currently have a file where we have been waiting on the preliminary title for about 2 weeks. The real irony is the banks keep calling the listing agent wanting to know why my clients have not signed off on inspections and when we are going to close.

I understand that many people at the Title & Escrow companies are overworked and are forced to handle things in unique and unusual ways by the banks. Although the workers seem to be overworked the price for the services does not seem to be declining. I want you buyers to understand what is going on and it is frequently beyond the control of your Realtor. I try to be the squeaky wheel for my clients, but I suspect there are a lot of squeaky wheels and the Title & Escrow companies are just tuning us out.

Well that is my rant.

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