Home Buying in San Clemente>Question Details

Jack Mccord, Home Buyer in south oc

Our mortgage broker and escrow company made mistakes that caused the closing to be delayed. Do I have?

Asked by Jack Mccord, south oc Wed Feb 18, 2009

recourse? This delay has cost me 5 days loss of work, $150 per day with the seller, increased moving fees, and delays with basic services. Is there any way to get any of this money back without a law suit?

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5
congratulation on your new house.Unfortunately this things happens some time.I think You should forget about it and enjoy your new house.
0 votes Thank Flag Link Thu Oct 29, 2009
Just to clarify, I mean elevating it up the chain at the escrow company, and at the lender. Start squawking, loudly.
0 votes Thank Flag Link Sat Jun 27, 2009
When closing is delayed, people start pointing fingers. Have each person involved in this debacle compile a timeline of their activities on your file.

With all due respect, $150 a day is incredibly high unless you were in a bonafied multiple counter offer situation and your real estate agent negotiated you smokin hot terms in other parts of the deal (price, seller carrying paper, etc).

Closings can sometimes be delayed for reasons beyond your mortgage broker's or escrow officer's control and that should have been calculated for.

I would seriously start elevating this up the corporate chain immediately. $150 a day is alot of money.
0 votes Thank Flag Link Sat Jun 27, 2009
Jack -
You have to really look at the "mistakes" you say delayed the closing. Escrow merely executes the joint escrow instructions executed by the Seller and Buyer. It's pretty hard for an escrow company to make mistakes. They are the "neutral 3rd party". Is the escrow company related to the Real Estate company or the Mortgage company?

As for the mortgage broker, did they make a mistake or was the delay caused by the actual investor due to requests for additional information or documentation?

Without knowing the facts of what caused the delay, it's tough to say whether you have recourse or not. You should talk with your Realtor.

Best of luck,

Thom Colby
Broker & Realtor
Orange County, CA
Web Reference: http://www.thomcolby.com
0 votes Thank Flag Link Wed Feb 18, 2009
Hi Jack,

Have you explained to your mortgage broker and escrow officer your loss of work and moving fee and ask them to credit you some money?

Homa
Broker Associates
Prudential California Realty
0 votes Thank Flag Link Wed Feb 18, 2009
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