New Learning Experience - Certificate of Satisfaction?

By
Real Estate Agent with McEnearney Associates, Inc. REALTORS (DC, MD and VA)

This is my second blog of the day!  I am not an avid blogger (yet) but I thought I would share a recent experience in case it is helpful to other REALTORs. 

One of my listings went under contract shortly after it was offered for sale - YAY! - and settlement was schedule for only 3 weeks post ratification (March 3).  Everyone was so happy and we were proceeding smoothly.  My seller provided the requested payoff information to the settlement attorney (in our area, buyers choose settlement firms and all parties generally use the same one to make it an easier transaction) within 24 hours of the request.  7 (calendar) days later and 7 (calender) days from settlement, the settlement agent informed me that one of my seller's refinances - from 2003 - does not have a recorded release of lien.  I was then told my client refinanced his home 5 times in the past several years.  Long story short, we were able to get a new certificate of satisfaction from the lender and settled 2 days late...my client paid for the buyer's lock extension and had to delay the settlement of his new home purchase which was out of state and those sellers were out of the country.  Thankfully all parties were flexible.  Domino effect, for sure!

What I learned, and have never done in the 8 years I've been in the business, is to get even deeper into my clients' own business!  Because multiple refis are not unusual in these parts, when taking a listing, I will ask the seller to gather all the refi paperwork early on and to be sure that we have all the certificates of satifactions so that this might not happen again.

Happy selling!

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