Today was supposed to be the most exciting day for my buyers~the closing of their first home. Well, it did not quite work out that way. Boy, were they disappointed.
A little background....We submitted an offer on an REO property on March17. The offer was accepted by the lender. However, it took the bank almost 30 days to sign and execute the contract. Once escrow opened, we were told by the escrow company that we were not "priority" and we would get escrow instructions within 2 weeks. In about 7 days, we finally got escrow instructions and proceeded with all inspections, etc.
Getting the needed disclosures/documents was almost impossible. The listing agent was not accessible by by email, text and/or voice mail. I could only talk to an assistant, who, was not very well knowledgeable about real estate at all. Most faxes ended up in "la-la" land, so, my only recourse was to personally go the the listing agent's office (at least 3 different times) and sit and sit, until I got my signed disclosures and other documents. Okay, we got through that process.
Oh, here we go again~ with escrow that is. Loan docs were received by escrow. But again, we are told that we were not priority and they woud not know when they would have time to prepare the docs for the buyer's signature. At that point, I requested to speak with a supervisor or manager. That problem resolved~loan docs were signed.
Now, before we can fund, the buyer's funder needed certain conditions/corrections to be made. Again, escrow would NOT respond. And of course, they would always deny receiving any requests via email and/or fax. So, in order to help expedite the waiting period for my clients, I personally made a trip to the escrow office until things got resolved.
Finally, we funded and closed, almost two weeks after the original COE date. I called my clients to congratulate them~ I am very excited and cheerful. However, they were not. This home buying process had sucked the excitement and joy right out of them.
Nonetheless, I scheduled an appointment to meet with them to hand over the keys to their new home. I arrived at the house about 20 minutes before my clients to find that the home had been broken into. Nothing major, but the stove had been stolen. However, this was something that was not going to go over well with my clients. Especially after all of the turmoil that they had gone through up to this point. Yes they were very disappointed.
So, my question is, how do we really prepare our clients about the REO process~all of the unknowns that may occur; unknowns that are out of the buyer's agent's hands? Despite the fact that I continually educated my clients about the REO process, I was not able to prepare them for the lack of the other professionals NOT doing their job. Professionals that were paid for a specific service.
What should have been one of my clients most exciting life event was sucked out of them from beginning to end. Instead, it was draining and frustrating.
Any thoughts or ideas?