Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Mistakes are normal--that's why I always get closing documents ahead of time so that I can check them (when I don't prepare them myself, of course).
With a recent closing at a Title Company, though, I had a particularly complicated transaction with three corporate entities participating in a purchase. Each provided a different amount and had different proration rates for taxes and various closing expenses. Almost surprisingly, the girl at the Title Company provided closing statements for all which were correct to the penny. She admitted that she had to correct them multiple times, but she took pride in her work. And I'd be surprised if she made more than $12 or $13/hour.
Hey, we all make mistakes......but if I was getting 100+ per hour to do this krap, I wouldn't be making mistakes like that. All corrections were handled professionaly, but WTH?
The actual people who do the work are paid about $15-20/hr. in my high cost of living neck of the woods.
It's customary for both parties to be represented by attornies at closing, in my area. The attorneys almost always find "opportunities to improve".
Mistakes happen. Here is the difference between a good escrow officer and a bad escrow officer:
When you see a mistake made by a good escrow officer, they fix it as soon as you point it out.
When you see a mistake made by a bad escrow officer, they try to fix it, mess up something else, and go through 12 iterations of HUD documents before ending up with a correct one. (No joke, we had one this month that took 12 tries to get right)
I just got back from settlement. I thought It would be all electronic, but I had to give a wet signature, as a seller. I went with the buyers, and they dropped me off after. Recording is Monday.....It's all good. Now that the hard part is done, I just have to move.......LOL. Cheers everybody!
Title insurance is a rip-off. Sure you need it, but problems seem extra rare.
These statements bother me, because I fear someone won't see you say you need it, only that it's a ripoff, which is not the case today. You buy it once and most policies cover you for your down payment and subsequent equity.
Actually, pre crisis (before 2005), title problems were rare, but still heard of. Since the foreclosure and short sale frenzy, title and mortgage insurance companies are on complete meltdown, with problems all too common. I personally know of a bucketful of foreclosures set aside (canceled) and title was court ordered to go back into the original owner's names. See, the Commonwealth of VA requires all trustees on foreclosures to be State approved. Last I heard this one, single Trustee had acted as Trustee on over 100 files, without the required approval. The court decision was as much as 5 years after the foreclosure, all of the properties resold. Those that had foreclosures now had cash settlements in the thousands. (The one i am personnally aware of was paid 35K to sign the court ordered deed to the next owner). The losers the ones that took shortcuts when buying their home without title insurance.
Mistakes are normal--that's why I always get closing documents ahead of time so that I can check them (when I don't prepare them myself, of course).
With a recent closing at a Title Company, though, I had a particularly complicated transaction with three corporate entities participating in a purchase. Each provided a different amount and had different proration rates for taxes and various closing expenses. Almost surprisingly, the girl at the Title Company provided closing statements for all which were correct to the penny. She admitted that she had to correct them multiple times, but she took pride in her work. And I'd be surprised if she made more than $12 or $13/hour.
Girl??? GIRL???
Jeez, Jack, how about a little respect? Sounds like a 60s quote from Mad Men.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
