Complaints

• Initial Complaint

  06/18/2022

  Complaint Type:

  Delivery Issues

  Status:

  Answered

  More info

  Details: I was to close on selling my house on June 17th. I had signed all my docs and did all I was supposed to do on my part. On June 17th the day of closing I gave up possession of my home to the buyer. I did not get my money however. I was told that the lender did not submit their loan money on this day and I did not get my funds. I got an excuse (not my money) from the title company telling me the lender did not resend money to them as they should have and this caused me to not get my money. I felt that the title company did not do enough to protect me. A title company is supposed to protect the buyer and seller. I felt that when the title company found out that the lender had not contributed their part of the deal they should have called the lender to remind them of the closing on June 17th and reminded them of their obligations to the borrower. Since I did not get my money, I had to borrow money in order not to have to sleep in my car. I had planned on getting my money on the 17th of June and had spent all available money I had and maxed out my credit cards. The title company made numerous " I am sorry" statements, however sorry is not good enough if a person feels hardship from their (title company's) inefficiency and the lenders. The title company should not let lenders shirk their responsibilities to fund loans. It should be their priority and duty to see that all parties (buyer and seller) get what is due to the on the day of closing. I did not get my part (money) but the buyer got theirs (my house). This is not the way a title company is supposed to be. I would hope that this is not a standard practice of title companies.

  Business response

  08/28/2022

  Business Response /* (1000, 6, 2022/06/27) */ The Lender in this transaction pre-funded their loan on June 10, 2022. Buyer had not signed their loan documents, the Seller had not signed and was not ready to close, so the lender's wire was rejected. This particular lender takes 7 to 10 business days to locate a rejected wire before they can resend it. On June 18, 2022, the parties executed and deposited into escrow an addendum to extend the close of escrow through June 21, 2022. The lender's funds were received on June 20, 2022, which was a Federal holiday therefore escrow recorded and closed on June 21, 2022. The Seller's funds were disbursed on June 21, 2022. All parties in the transaction including the lender received a copy of the contract and signed addendums, all parties were aware of the closing date. We close based on the terms of the contract provided and once all conditions of the escrow have been met and documents have been signed, our office requests funds from the lender. We have no control over when the lender funds will be sent. Possession of the transacted property is something that is handled outside of escrow between the parties and their agents.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩