Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 14 years ago on . Most recent reply

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:

Most Popular Reply

User Stats

597
Posts
259
Votes
Mike G.
  • Rehabber / Flipper
  • Simi Valley, CA
259
Votes |
597
Posts
Mike G.
  • Rehabber / Flipper
  • Simi Valley, CA
Replied

I am surprised that you would trust this person to write up a deed, or even waste the time doing so when the problem could have been solved with a small amount of money. Now you have at best a delayed closing, and at worst a seller who backs out or a lawsuit in the future. Why not just pay the $50 or $100 and be done with it? Was he not willing to let you pay for it?

Loading replies...