That was the call I took last month from a Realtor with whom I have completed several transactions. She called to tell me that she had just sold a home to a first time home buyer and that she was going to refer the transaction to me, but another title agent quoted her a fee that was $50.00 less than my normal fee. The buyer was just barely able to prove the required funds needed to complete closing and the Realtor wanted to make sure that title fees weren't going to keep this young buyer from achieving her dream! She did not ask me to reduce my fees and I did not offer to do so. My support staff and I earn every penny we charge and we don't apologize for charging a very reasonable fee for our expertise and professionalism.
And then today I got a call from the very same Realtor on the very same deal, and she was in a lather and in a panic!!
The title company that she referred the deal to, the very one that that had offered such low fees, had not yet contacted the lender, had not completed the title search and had not ordered the lien certificate. (30 days from the date they were contacted originally) Why? Because they wanted to make sure the deal was going before they spent any money on it. Evidently, the title agent was waiting until all possible roadblocks had been removed before they were willing to move forward. For example, they were concerned that the home inspection would come back with issues, the appraisal may be low, etc., etc. So, now with the contract closing date being only 3 days away, they are asking the agent to get an extension to allow them time to complete their work!! REALLY??!!
Yes, you, as a professional looking out for your client, should always be looking for the best value for the client's dollar. But are you being penny wise and pound foolish when you look only at the dollar sign and not at the level of services being rendered?
The Realtor has asked me to step in and rush my work so that the closing deadline can be met and she has offered to pay me personally for any additional rush fees that might be incurred.
The next time you are shopping services on behalf of your client try to remember the old adage you get what you pay for. Sometimes cheaper is simply not better.
Please leave me a comment and tell me one of your horror stories about cheaper being "better" I would love to hear from you.
Key Title, Inc.
35 Fulford Avenue
Bel Air, MD 21014