Should you do business with InAccurate Title in Overland Park, Kansas?
I wouldn’t and here is why . . .
Last month I had a split closing.
The seller picked their title company, InAccurate Title, and the buyer picked their title company.
During the inspections it was discovered that the roof needed to be replaced. After the inspection negotiations, I prepared an amendment raising the sales price to accommodate the roof, and sent to the buyer’s agent for the buyer’s signature.
Upon receiving the amendment back signed by the buyer, I sent a copy to my office and another copy to the seller’s title company, InAccurate Title.
Next, I sent a new commission statement with the new sales price to the seller’s title company, InAccurate Title.
On the commission statement, the new sales price was very bold. In fact, I added the words “price change” in bold on the subject line. As is traditional, I also requested a copy of the HUD prior to closing. At that time, I also requested a reply that InAccurate Title had received the information.
I sent multiple copies of the new commission statement to InAccurate Title since they hadn’t confirmed they received, still nor response. Later in the day, InAccurate Title finally confirmed they received and noted that they had forwarded to the buyers title company.
Since I had not received a copy of the HUD and InAccurate Title had not returned my phone calls, I assumed that the transaction had not closed early. So I did my normal course of business.
Then the bombshell....On Friday that week, I ran by the vacant property and noticed that there were people living in the home.
I immediately called the buyer’s agent and left a message on her voice mail requesting what was going on. I then called the seller and informed him via a voice mail that we may have a problem. The buyers agent called me back first and informed me that the buyer had closed earlier in the week.
Of course when Monday came around I called InAccurate Title to get a copy of the HUD. When I received a copy, I noticed that the sales price was off a few thousand dollars.
Bottomline, I sat down with my investor/seller/client and reviewed the file. He determined that I did everything possible in his best interest. In fact, my investor/client/seller has switched to my new RE/MAX brokerage.
I asked him that if InAccurate Title doesn't correct their error, will you do business with them?
What do you think he should do?
Traditional solution? There is an “errors clause” in the title work that allows the title company to bring all parties back to the table to re complete the paperwork, and address any issues....Wonder why the Re/Max broker didn’t like that idea? Who knows. Ask him.
Coming up . . . You want to know about my experience at RE/MAX Best Associates?
Hopefully there is nothing to report but a fond farewell. Hi Bruce, Martha, Lance, Martha, Lance, Betty, Barry, Deborah and Millie, how are things going?
RE/MAX sells more homes than any other real estate company. For a reason...should we talk?
Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty
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