I have to vent a little here as these problems continue to mount. I remember when lenders were the bad guys for a while, changing figures, not funding on time and having issues with over promising and under delivering. (May still be a problem there)
What I have been struggleing with, are the title companies that bid for bank owned deals. Yes, they are typically cheaper for the seller, more for the Buyer and not worth anything.
We have two specific title companies that when the commitment comes across my desk I just cringe! No matter the contract dates they follow their own schedule. out of the past 15 closings NONE have closed on time. As a lender we have to follow the 5 day rule to have figures out, we make sure to follow that rule. With all the confirmations and phone calls they say that they have never received our figures. This is typically 1-2 days before closing. We had one closer who even confirmed that she got our figures and then when we were looking for a HUD she said that she never got out figures. Love e-mail because we had it in writing. BUT even when they screw up, they push that date out another five days! Now if this was a lender or buyer issues the bank charges the buyer's$300.00 a day but we have no recourse for the banks when their service provider screw up.
No matter what we do I cannot get these loans to close on time, I have buyers who have moving trucks ready, locks that expire and other things they are looking at me or my agents to pay for.
I have recently had one loan, where the buyers agent had to do everything to get it together, the listing agent well had other fish to fry and didn't care much (that is a whole different story). We got figures out, that they never recieved, so they push closing out another 5 days....OOPS there is a lien with the water department that has to be cleared....another 8 days back. We totaled about 14 business days of delays and the buyer WALKED!
So my question is you hear banks gripe of all the foreclosures yet they have service providers that are doing more harm then good!
I know I'm venting but I hope I'm not alone, any one else having these issues on foreclosed homes? I do my best to prepare my buyers but it is a full time job to stay on top of these companies!
I guess no matter where you are in this business we all have the same problems. I am sorry to hear that such things are happening to you but I am glad that I am not alone. Let's hope for brighter days and smooth closings! Brenda :)
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