Joe L.

I'm a:	Home Seller
Location:	Michigan

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When is a closing, closed? Are there "do overs?" Who does the title co. work for?

Asked Fri Nov 16 2007, 03:59 by Joe L. - Michigan - Home Selling - 12 answers
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When is a closing, closed? Are there "do overs?" Who does the title co. work for?

Asked Fri Nov 16 2007, 03:59 by Joe L. - Michigan - Home Selling - 12 answers

Joe L. answered:

Connie,
Thanks so much for checking with Frank. I hate to sound this way but all the title company employees I've spoken with say the same thing. What is missed here is that they did meet conditions to close, we did have a clear to close and we did have federal funds wired and a final "we're all set... here's your funding number..." AND the closing disbursed. Some say that anything after this point is between the borrower and the lender. The title co. if they are truly the gatekeepers of the transaction, should have at the very least told the lender that we already disbursed or told all parties that there was a problem, prior to returning the wired funds. Thanks again for helping. You'll hear much more on this story in the future I'm sure. For now, Realtors, listen up! Hold your closings before noon and not on Friday, so you can get right to the bank with any proceeds! At your next closing, ask the title company, who they work for? - Mon Nov 19 2007, 16:02

Answer to Nicole's question... The title company rep. that was acting as the closer, took all of the buyer's signed doc's and all of the seller signed doc's into a room and faxed them to the underwriter. The funds had been previously wired and received earlier that afternoon. After the underwriter looked over the doc's that were faxed, they gave the closer a funding number and the closer issued the proceeds check to the seller and everyone went on their merry way. The "clear to close" was given earlier to bring us to the closing table. Another way to ask this question might be to simply ask all real estate pros - "When you go to a closing and checks are written and disbursed, is that closing FINAL? If not, for how long can an underwriter tell a title company they want the funds wired back to them? One hour, one day, one week...?
Thanks for everyone helping to try to answer this! - Sat Nov 17 2007, 07:45

The question here is when is a closing final and done? Here is a simple analogy. Let's turn the question around slightly. If the transaction itself had all paperwork signed and in order, federal funds are transfered and received by the title co. and the tile co. issues a check to the seller for their proceeds...if the seller left the closing with their check, could they get their house back the next day and in effect "undo" the closing? Again, this scenario is opposite of the question asked but only to try to clarify...there was no title defect, this is not a negotiation issue. In this transaction, the underwriter told the mtg company to tell the tile co. to send the wired funds back to them...on the day AFTER the seller left the table with their check in hand. - Sat Nov 17 2007, 01:12

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