Quote from @Eddie Fernandez:
I just purchased and closed my first deal on Paperstac on thought Iād share some pros and cons.
Pros- Great selection of notes which made shopping for what I wanted easy. Once a property was selected the conversations between buyer and seller are recorded. The step by step closing process informing the buyer/seller whose action is next was streamlined. Finally, closing costs were reasonable.
Cons- Quality control of closing docs. The Quit Claim Deed was hastily generated such as paragraph indents where there shouldnāt have been, missing information, and most importantly had the incorrect property ID from the County. Worst yet, the seller was sent this incorrect QCD to sign and notarize which they did. If it were not my due diligence reviewing the QCD it would have been a done deal. This error caused about a 2 to 3 week delay to correct. After pointing out errors to Paperstac, I never received an acknowledgment of their errors or even an apology for that matter which in my opinion is very unprofessional. Secondly, the step by step closing process is great but there should be a time limit and better reminders when the seller or buyer need to complete tasks. At least a 2-weeks was lost because myself or the seller were needed to complete tasks but neither of us knew it. There should be an alert or something informing each party something is required before moving on to the next step. Most importantly about the closing process, the deal should not be completed or closed until all necessary documents are received by both parties. I still was waiting for the revised QCD to be signed by buyer and I received message saying this transaction was closed.
Lessons Learned- Paperstac is it great place to find notes of all shapes and sizes. For the most part, the closing process was streamlined and efficient. However, make sure you review all documentation before signing as quality control of closing documentation is lacking. I still recommend it for purchasing notes, but buyer beware and check all paperwork thoroughly.
Your transaction was a little rough, and I agree it could have been smoother. The issue is with the sellers' generation of the Quit Claim Deed. We're fixing that for our new version, which is out in July.
It is difficult because each state has special requirements, making it tough to hardcode each variation.
Trailing Documents:
As for the QCD trailing, that is because the seller had to have their lawyers draft it; it is a bummer that they sent it USPS; we didn't have any control over that.
Notifications:
You should be getting the alerts. If you have Gmail, they might have gone to the updates tab. We're going to do push notifications and SMS in the new version so that they don't get missed.
Closing Schedule:
The transaction being closed when the documents are received, that is ideally the case. Your transaction was not the norm, anytime you get lawyers involved to draft things, things tend to slow down.
Had it been a Deed of Trust, mortgage, or QCD done on the platform, you would have the documents before the transaction even closes. You could have the document recorded with the county by us before you even get the collateral files or do a servicer transfer.
Apology:
By the way, I spoke personally with the seller about it at DME. We care and want you to be satisfied with your transaction.
Conclusion:
Please don't base your opinion of the typical transaction on this unique situation. When you come back be sure to always use @paperstac in the timeline and that will immediately alert us to any issues going on.
