What is your typical wait time at your Title Co?

Question

How long are you guys having to wait to complete all cash/as is closings at your title co? It seems like the one we have been using is getting SLOWER and SLOWER. I sent them contracts on a deal this morning and said that I need to close fast.

She asked if the 10th of August would work for me.....

Now I understand 10-14 days. But 4 weeks? I know things are busy this time of year but I can't figure out if that's the case or if I'm getting "back burnered". We have done 10+ closings in the last year with this same branch so you think they would want to keep working with us.

Account Closed · Answer

My escrow agents work for commissions and bonuses and some of them make really good money, especially when the market is active. Title companies here provide escrow services in order to sell title policies.  There's no money for them in low value cash sale residential escrows.  A few years ago my local Chicago Title told me they wouldn't be interested in my out-of-area under $100K sales because their overhead on escrow is $750.  Escrow charge for a $50K sale is $350, in order to sell a $450 title policy.  Things have changed since now the title plants aren't local and everything is computerized.  My escrow agent will do ANY escrow in any county for me. And she works hard to get them closed before the close date.  But not really for my customer satisfaction.  The more she closes the more and sooner she gets paid.  She's a machine.

Account Closed · Answer

This is so familiar, not so much recently but from years past. That kind of thing always makes me wonder where and when and if I'm supposed to push. Do I always have to ask for a little more, a little faster? Why didn't they say they could do it by the end of the month initially?  Is someone else getting slower service now?  Did they just forget for a few minutes that you are a good repeat customer? That stuff drives me nuts.  But good job on the winning friends and influencing people front!

Account Closed · Answer

In about 2002-3 or so, things were terrible.  My escrow people had 100 files on their desk and there were no fast closes. Prelims were at least two weeks out. It took a couple of years, but most of title companies added people.  There were a couple of big mergers, the title plants moved out of town and the internet changed everything.  Service actually got better and faster.  In 2008, the layoffs and closures began, and I lost two of my best people.  We might be seeing a pre mini-Bubble issue where title and escrow can't keep up but don't want to add staff.

Ryan Dossey · Answer

Mary I've actually got a few alternate Title Co's I'm just deciding if it's worth the aggravation to sign two amendments.... From here on out I'm not listing a Title Co on my P&S I'm going to leave it TBD so I can "shop" around.

Ryan Dossey · Answer

@Mary B. This isn't a someone is holding up the process. I sent them all of the details and they said that they should be able to "get to it" by the 10th of next month. All of the I's are dotted and the T's are crossed on my end.

I think it's just a matter of them being too busy. We may have to switch to a different title company. You would imagine if someone says they need to close fast it shouldn't take that long. It never has before.

David O · Answer

A month for a cash purchase? That's horrible. It should not take longer than a week to pull the abstract and verify title is good. If there's an issue then it would take longer, but I'd say 90% should close in a week or two.

I would tell them you need this ASAP. Unless there's a title issue this should be quick.

I would tell them you need this ASAP. Unless there's a title issue this should be quick.

Mary B. · Answer

Ok then, they have probably taken on more clients then they can handle. Still, if your contract agreement with the seller is for the middle of the month they should be working diligently to meet that deadline at all cost. Its a busy time for a lot of (investor friendly) title companies, contractors etc. That's REI during the summer time. They may need to get more help, hire one or two more people to run down to the municipal building for them. I wish I could recommend a company to you as I feel your aggravation...

Kudos,

Mary

Mary B. · Answer

In about 2002-3 or so, things were terrible.  My escrow people had 100 files on their desk and there were no fast closes. Prelims were at least two weeks out. It took a couple of years, but most of title companies added people.  There were a couple of big mergers, the title plants moved out of town and the internet changed everything.  Service actually got better and faster.  In 2008, the layoffs and closures began, and I lost two of my best people.  We might be seeing a pre mini-Bubble issue where title and escrow can't keep up but don't want to add staff.

Why not add staff if it will help with them getting to closing? They can get people from temp agencies or just flat out 1099 employees to assist them. I know often employers don't want to add another head count to their tax docs.

I do agree with you K. Marie that a bubble is brewing...

Kudos,

Mary

Ryan Dossey · Answer

You know we try to be super nice to our title girls. Brought them a jar of candy last time we were there. We are in there just about every month. They know my # and me on a first name basis. You are absolutely right. It's hard to know when to push/when to give. They helped us A TON on our first few deals with buttoning up contracts and clearing up some issues. Which is why we have stuck with them. While I am one to give some grace I also am one to speak up if I feel something isn't being done properly. I just hope it doesn't become a reoccurring thing. We typically give ourselves 30-45 days to close and it seems like they always try to close the last day possible.

Ryan Dossey · Answer

They said they can do the 29th no problem... Alright then lol.

What is your typical wait time at your Title Co?

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