12/9/2008
So, I decided to try a new approach to getting the bank's title companies to get my deals closed on time. I like to call it........ "Operation Throw Your Lazy Ass Under The Bus." Basically, what I do is, dig up the asset manager's contact info (this is not the easiest thing to do, but I am nothing if not resourceful), and then start throwing people under the bus, one by one. It's actually more fun than I've had in a really long time. The best part is, I do it in such a way so that it doesn't appear that I am actually tattling on people, because, as we all learned in kindergarten- no one likes a tattle tale. So, I just send an "innocent" email explaining the absolute nightmare that it has been to get a straight answer out of anyone as to why in the hell my deal is not going to close on time, and why are files getting lost, and why are addenda (addendums? addendi?) never getting sent to the bank, and why is Paige ignoring my phone calls and emails when she said she would get back to me by noon yesterday??? I just want a straight answer from someone.
This approach is still in Beta testing, but I have high hopes.. I had to give up on the bribery strategy, because there are just too many people involved in the closing process/fiasco, and it's hard to pinpoint the one person who actually might be able to push the deal through. Plus, it really irks me to have to pay people extra to do their job correctly.
I got another offer accepted today, which makes 5 that I have under contract right now, and which also pushes my stress level into the red zone. Especially since I offered to close on Monday on this one, and they ended up taking me up on my offer. This would not be problematic since I already have a cash buyer lined up, however, there are some issues to be dealt with. Here's how the phone call went today between me and my buyer.....
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Me: Hey Jim, I can get that property on Sitka to you for 27k. You interested?
Jim: Heck yeah.
Me: Well, it needs to close by Monday, and I know you like to use your title company, but I'd feel much better using mine because I know they can get it done in less than a week, so how about we split the closing costs (I normally make my buyers pay all closing costs on the second transaction), and we close at my title company?
Jim: Well, that's fine, except I don't have an ID.
Me: Huh?
Jim: Yeah, I don't have an ID. I've been doing deals at my title company for so many years and they will notarize my documents without my ID. Is that going to be a problem.
Me: You don't even have a state ID or anything?
Jim: Nope.
Me: Uhhhhhhh, let me call my title company and see what the say......
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So, I call my title company and explain, and they, of course can not do the closing without an ID from him, because the docs have to be notarized, but they say they can do all of the title work, and then just send it to his title company and have them do a courtesy closing, and sign the docs there and wire the money to my title company, who would then wire it to the bank's title company. Lost yet?
This sounded good for awhile, but I can't even imagine having to add a 3rd title company into the mix, so I called and talked to the attorney who owns my buyer's title company, and he said they would do a simultaneous closing (using my buyer's funds to fund both deals) as long as there was full disclosure to my buyer (there is ). S0000000000, long story long, it looks like we are closing at his title company, and I just KNOW it is going to be a really good time. Should make for some great blog fodder, anyway.
Well, now I have 4 deals that are supposed to close by the end of next week, and I think we should all take bets on how many actually close. I've got my money on one. One out of four- that sounds about right.
10-4. Over and out.
P.S.
In case you're wondering why my buyer doesn't just go out and get an ID, well, I'm just guessing that he can't, and I don't really want to know why.
Tuesday, December 9, 2008
Excuse Me...Are Those Tire Tracks On Your Face???
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6 comments:
I'm gonna go out on a limb and say 2 :)
Steph, I was also wondering why the guy couldn't just go get an ID...that's nuts! I'm with you...not sure I'd want to know the story on that one!
Sounds like Phoenix was great - was this event part of Steve Cook's mentoring program that you're involved in?
Shae
My new blog URL -> www.goodfaithinvesting.com
Uummmm....yeah. No ID? What're you @#$%ing kidding me? If he can't close at his place, he passes on a deal?
Does he have a limo and a driver, too?
All sorts of weird and twisted stuff goes through my mind when I hear no ID and no intent to get one.
Check to see if he's melted off his fingerprints.
LOL! Jason...that's a good one. I'm just shocked that there's a place that will close him without one. It just makes no sense.
That's pretty crazy; I do know some people (questionable history) who also do not have an ID up here. Kinda strange.
Hey Steph, do you have your RE license? And is that how you make the offers on these places?
Thanks!
Shae- yes, Phoenix was the Steve Cook group that I am in- the Flip VIPs- we have a retreat every 4 months..
Jason- yeah, I guess if he can't close at his title company, then he has to pass on the deal. Nice, huh? Like I said- I don't even want to know.
Alison- I do not have my license- I make my offers through one of my good friends who is an agent. I will also make offers directly through the listing agent sometimes.
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