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Question
My son and his fiancee are buying their first home. They were suppose to close on 10.17.08. On that date the title company told them they lost the deed,they said they would try to find it, they didn't find it. They said they would write up a new one it would take 3 to 5 days to get it signed. As of this day, 11/6 they still have not closed. It seems like the title co is giving them the run around. How long does it take to write up a deed and get it signed? what can they do? they need to be out of their place by 11/25. Oh, I forgot to mention they wanted them to pay a refileing fee??????
They are at their wits end.
Worried Mom in Denver
Hi KIM--
Of course, I don't know what's actually happened here, but it certainly sounds like your Kids are suffering due to the failure of the Title Company to complete their part of the Closing!
Title Companies are actually Title Insurance Companies and are typically under the authority of a State's INSURANCE COMMISSIONER. You, your Son, his Fiance and/or the Realtor and/or Lender working with your Son should contact the Colorado Insurance Commissioner's Office and seek help with this matter!
I'll bet that with the Insurance Commissioners' help the Kids will close and be out of their current house by the 25th--and unless this delay has been the Kids fault, they shouldn't be paying any "re-filing" fee either!
If the Title Company's actions end up costing the Kids money, a suit against them in Small Claims Court could help them get reimbursed!
That's about the best I can do for you, "Worried Mom in Denver!" GOOD LUCK.
--JIM
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Jim Root
Expertise
How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!
Experience
Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!
Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).
Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.
Education/Credentials
Associate Degree in Real Estate Studies plus:
Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years.
Bachelors Degree in Mass Communications,
Masters Degree in Education/Teaching
Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.
Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!
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