Can you feel my excitement? It was Sunday morning, my wife and I rented a moving truck so we could bring our new purchase home.  We invited friends to help us unpack it, set it up and get it ready for the game.  We drove the truck to the store, it was 9:54, the store opened at 10:00.  We stood outside the store as the manager stood holding the keys in his hand, waiting until exactly 10:00am staring back with his self appointed big-shot, I have the keys and you don't glare. But I digress!  At 10:00:01 we entered the store, grabbed a flat bed cart, wheeled it over to the TV section and picked up our new 70 Inch Flat Screen TV, ahhh like the name on the TV, Life is Good!

We navigate our way to the checkout counter, and we meet Maryellen, the cashier.  She scans our TV and our excitement builds. THEN, the frown comes to Maryellens face followed by the bad news.  (Think Closing day in real estate) She states that she apologizes but she cannot sell us the set because it appears as though LG has an outstanding issue or lawsuit and until that is settled, discontinued or ended that TV cannot be sold.  I explain that I have wasted countless hours in search of my purchase, I go on to mention the amount of gas we have spent and the fact that the moving truck is outside and my house is full of people waiting to see our new purchase.  Maryellen tells us that it is not her fault, she didn't put the lawsuit there, the creditor did, she is just the messenger, and we shouldn't shoot her.  (Tilte Company) She goes on to say that there are plenty of other sets to choose from and if and when I do she will gladly let me know, at time of checkout if that set is free and clear and available for purchase.  I ask, why not perfect the ability to sell the product before you offer it for sale?  Like BARFF says The AH-HA Moment.

I have been a partner in Family Abstract, Inc, a title insurance company licensed in Pennsylvania, New Jersey, Maryland and Florida for 26 years.  I cannot for the life of me understand why the seller is not responsible to perfect their title prior to entering into a listing contract.  Why should buyers and their Realtors spend time and money even considering a property that can't ultimately be sold? How many 11th hour issues cropped up at the table that could have been avoided with a policy that could be bound for successors in title? The buyers could reimburse the seller for the cost of the policy at time of escrow or closing.  Imagine walking into a home with your buyers and on the kitchen table is a Title Policy, or let's really go crazy and say that there is an appraisal and a home inspection there too, is that to easy? Does that remove most of the last minute canceled closings? Why not just put the horse back in front of the cart.  Stop with the Ready, Fire... Aim and instead let's Ready, Aim and Fire.

In my world, I want to be hired by the seller or the sellers agent prior to them listing their home and be able to place a final (proposed) policy that is assigned to the buyer and then reimbursed by the buyer to the seller at time of escrow or closing.  I am working with my underwriters on this proposal, and I would really like your thoughts at Family Abstract, Inc.

 

About Family Abstract, Inc.

Established in 2002, Family Abstract, Inc. provides Title Insurance to clients and customers throughout Florida, Maryland, New Jersey and Pennsylvania with more than 40 years of combined experience in management alone. We pride ourselves on retaining the most skilled and knowledgeable employees who share our goals of providing the best service in the industry.

Located in Horsham, Pennsylvania, Family Abstract, Inc. maintains an extensive network of skilled title insurance abstractors in all the states we service in addition to a nationwide network of qualified closing agents who are available to close loans at any location.

Backed by the strength of four title insurance underwriters, we are able to provide expert attention to detail without sacrificing versatility in the closing process, thus providing more options in difficult title situations. Due to our depth of industry knowledge and commitment to excellent service, Family Abstract, Inc. has been able to develop client relationships that have endured for decades.

Having successfully settled and insured thousands of transactions, we have already earned the trust and confidence of hundreds of customers, lenders, brokers, and realtors and now we would like to share our expertise with you!