Many of you know that I am an REO agent. I actually work VERY HARD to make sure that every buyer's agent that works with me gets great service. I personally strive to never let the sun set on an email or a voicemail. I answer my phone 99% of the time. I want buyers agents to know that completing an REO sale with me is not akin to pulling teeth, giving birth, or having a colonoscopy!
One of the banks I represent allows me to use a local title company, which is fantastic! Local title companies are experts on the local market and customs, and it just makes for a smoother closing all the way around. One of my bank owned listings was due to close Friday. The operative word here is WAS.
Rewind to Monday...everything was on track. The loan documents from the bank went out to the title company, and the buyers did the walk-through with their agent. Tuesday, the buyers signed all their loan documents and the title company overnighted the documents back to the bank in anticipation of Friday's funding.Wednesday, the bank verified that all the loan documents were in order and received wiring instructions from the title company for the funding. Thursday was a quiet day just in case there were any last minute conditions or anything - you know how today's financial climate is...Be prepared for lots of weird last minute requests...
Friday morning, I spoke with our escrow agent and we were only waiting on the funding. Noon came and went...I was busy doing other things...I was watching for an email verifying that we were out to record...1pm came...2pm came...I still had no cause to worry, right? (Are you sensing the big REALLY??!?! coming?)
At 3:10pm, the escrow agent called me to give me the bad news. We weren't closing on Friday. The escrow agent had just gotten off the phone with the bank, and the bank said they sent the funds hours ago...They sent her the confirmation of the wire...It turns on this very senior banking employee of a very large national reputable bank wired the funds to the WRONG Title Company! The bank was mortified, but by then, all wires were completed for the day and there was nothing we could do.
Of course, the buyers were furious, I was bummed out, and one of my bank owned properties didn't close on time. I couldn't believe this happened to ME! REALLY??!?! I try so hard to make sure that there are no hiccups in my bank owned deals...but this was a new one on me!
Hopefully, the bank can reverse the wire Monday and get it back out to the CORRECT title company in time to fund and close tomorrow. Did I mention that the buyer's lock expired on Friday? I wonder how the bank is going to handle that!
I will be watching closely on Monday to see how they handle this mistake and what they do to correct it in the buyer's eyes. And of course, you can count on me to let you know!
Posted By: Christianne Gordon - Northern Nevada Real Estate Agent - Realtor with RE/MAX Realty Affiliates, specializing in Carson Valley Real Estate and Northern Nevada Real Estate.
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