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Updated almost 14 years ago,

User Stats

41
Posts
31
Votes
Jay Miller
  • Real Estate Investor
  • Ohio
31
Votes |
41
Posts

Botched Closing

Jay Miller
  • Real Estate Investor
  • Ohio
Posted

This is more of a rant than anything.

I went to a closing today to purchase a fine gem and the seller would not sign off on his docs due to the $50 escrow fee and a $50 deed preparation fee. He agreed to both of these charges in the purchase agreement but then felt the title company was out of line to charge so much.

The closer agreed to waive the $50 escrow fee just to get this guy out of the office. But then he started to cry over the county conveyance fee. Of course there is nothing the closer could do on that one. So everything seemed to be going in the right direction and then the seller said there is no way that I am going to pay $50 for an attorney to create a deed for me. At this point I was just going to pay the deed prep fee just to get this thing done. I was actually kind of comical to watch. Then the closer said to the seller if you don't want to pay the fee then go type up your own deed. At that point I was thinking I am not going to pay the deed prep fee for this idiot I will just let him go type up a deed himself. The seller agreed to walk away from the table and spend the weekend typing up his own deed and return with it on Monday.

This was a cash closing and should have taken a few minutes to complete. We were in there for over an hour. What a joke. The seller was getting a good chunk of money as he has the property paid off. If I didn't think this was such a good deal for me I would have just told him to shove off. What a waste of time. I can't believe that in this market that someone would risk a deal over $100 after all the seller got his full asking price.

Then the seller had the nerve to call me up after the closing and tell me how stupid I was to use a title company to close the transaction. He said that it is so easy to just do it yourself. I explained to him that I know how to do it myself but would prefer to use the title company so I know that everything is done correctly and I have title insurance just in case it was not.

I really did not think this deal was going to go through. Hopefully we can get this done on Monday.

Sorry for the rant but I just had to vent.

:wowo:

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