You may not be Buying or Selling right now. However, you may know someone who is. PLEASE share this information with them.
Warning!!!!
There are a lot of Buyers and Sellers who, at close of escrow, make arrangements through title to pay off debts. Obviously, buyers, sellers, and Lenders provide proper documentation to do this. Including, previous statements, account numbers, payoff balances, etc….
Recently, I personally purchased a home, and did this exact same thing. (I wanted to pay off a car loan and a credit card).
Weeks after close of escrow, I was still receiving statements from the creditors that I already paid off at close of escrow many weeks before. I contacted their customer care numbers, and none of them ever received any of the checks that were sent. I pulled out the large closing package from the Title Company & retrieved all of the statements, Pay off information, etc.
None of the loan/account numbers that the Title company wrote down matched my numbers, and none of the payoff addresses were correct. Literally… Almost $30,000… Missing! The Title company mailed payoffs to random addresses, and applied the payoffs to random account numbers (Account numbers that do not belong to me at all!) Of course to add to this nightmare, it’s a weekend, and no one in Title ever works on the weekends.
I am sharing the story… Because I trusted that I provided all the appropriate and accurate information (Which I did-the statements, along with the account numbers, balances, and payment addresses were all in the Title Closing Package) & I trusted that the Title Company was reviewing & verifying all the information, etc….
Lesson to be learned… Never assume… Go over every document and every number with a fine tooth comb! Ask questions. VERIFY. It’s easy to “Blame”……however, it is our responsibility to look out of ourselves. We all need to be accountable and accept responsibility for our own due diligence!
For more information or to schedule a showing, please contact Michelle Lohman, Associate Broker directly at 602.538.4829.
She is never too busy for your referrals,
Michelle Lohman, Associate Broker
Revelation Real Estate
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