YOU HAVE QUESTIONS, WE HAVE ANSWERS!
VIVA ESCROW Q & A SEGMENT
(Real questions sent to us – verbatim!)
QUESTION:
Is my transaction finished? When can I go out of town?
ANSWER:
Well, that was not an actual question posed to us; you might say this is a question that frustrated escrow officers hope to be asked before clients decide to go out of communication range for a while.
Our answer would be: Don’t leave, don’t go out of town until your transaction is completed in its entirety. You might even want to ask the question of your escrow officer before you finalize your plans to leave. Here are a few scenarios that happened to us recently and through the years:
Scenario #1: That refinance transaction with loan docs that had to be re-drawn. The clients signed the loan docs and immediately hopped on a plane to go overseas. The next day the loan officer realized one of the documents needed to be re-signed in the presence of a notary public. If the clients had waited one more day, this document could have been taken care of immediately. As it was, we had to email the document and the client had to go to the American Consulate for notarization. The refinance was delayed 2 weeks and we ended up with a very frustrated client.
Scenario #2: Buyers had to leave for a preplanned trip. They thought that as long as all escrow documents were signed and they sent the money in, the transaction could close in their absence. They forgot that their loan documents could not be signed electronically; some documents had to be signed in the presence of a notary public. Thank goodness they called one day before they left and we rushed a Power of Attorney for their lender to approve and their signature notarization.
Scenario #3: A variation of scenario #2. Clients had already left town before we found out. We had to send a Power of Attorney to them to be notarized at the American Consulate and original signature copy sent back by Fed Ex.
Scenario #4: Seller left town, without letting us know. Their agent said they went to a remote village in another country that had no internet or phone service and was accessible only on dirt roads. Wow. Well, the transaction was delayed by a few weeks until they got back. The Buyer lost their good interest rate and had to re-lock at a higher rate. The seller agreed to compensate the Buyer a good amount for the higher rate. Ouch.
EDUCATIONAL MOMENT:
We understand that sometimes events are planned a long time in advance. That’s fine, but be proactive! Be sure you have personally notified your escrow officer immediately upon opening of escrow. This includes trips, personal appointments, jury duty, or anything that may disrupt your availability to sign documents. The sooner we know, the faster we will prepare all necessary documents for your signature before you leave, particularly those that have to be notarized. In addition, keep in mind that despite the best planning, there is always the possibility that last minute documents do pop up because that’s Murphy’s Law! Make plans for this contingency.
Finally, the reverse is also true. Should the escrow officer be unavailable for a certain period of time, they should advise the clients and let them know who will be handling their file in their absence.
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~ Video of the Month ~
The Unfold House
Newest idea for current housing problems
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~ Quote of the Month ~
For those of you in California, can you believe the thickness of your mid-term voting ballot? Be sure you read through it and VOTE!
“When I was a boy I was told that anybody could becomePresident Governor;
I’m beginning to believe it.“
Clarence Darrow –
Lawyer and former Illinois State Representative
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My YouTube Offering for the Month
Yes, there is a difference.
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You Have Questions? We Have Answers!
Juliana Tu, CSEO, CEO, CBSS, CEI, SASIP
Escrow is my FOREMOST language!
Advance Disclosure:
The opinions expressed in this blog are solely the author’s.
Your comments and viewpoints are always welcome.
Info @ VivaEscrow.com