Now, we have all heard some crazy stuff these days – one of the latest around here is the lender who required the borrower to place flood insurance on the property before funding, then decided to not proceed with the loan. The borrower’s insurance won’t cancel the policy, so now the borrower owns flood insurance on a house she doesn’t own.
But…I have another that we can learn from. I walked into our office this morning to join in on a conversation between one of our agents, his buyer and or manager. There was a problem. The title company lost the $50,000 cashiers check. They had sent a courier to pick up the check and some documents from our office, which was done. The escrow officer sent an e-mail saying that she had received the buyers funds and they were set to record…which they did. THEN they discovered they were short $50,000. They claim they never got it – despite the e-mail which said they did. The bank who issued the cashiers check said they will not reissue it for 90 days. It appears, at the moment, the buyer is between a rock and a hard place. The lesson?….always deliver the check personally and get a receipt!
But…I have another that we can learn from. I walked into our office this morning to join in on a conversation between one of our agents, his buyer and or manager. There was a problem. The title company lost the $50,000 cashiers check. They had sent a courier to pick up the check and some documents from our office, which was done. The escrow officer sent an e-mail saying that she had received the buyers funds and they were set to record…which they did. THEN they discovered they were short $50,000. They claim they never got it – despite the e-mail which said they did. The bank who issued the cashiers check said they will not reissue it for 90 days. It appears, at the moment, the buyer is between a rock and a hard place. The lesson?….always deliver the check personally and get a receipt!
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