Hi all, I am fairly new to BP and focused on Rental properties. i recently decided to invest in an already tenanted property out of town through a broker who collected a separated "finders fee"
my issue is since the closing both the broker and the title company refuses to give me a copy of the fully executed closing documents. They only gave me the closing document i signed and a copy of the deed signed by seller. Is the title company allowed to do that ? I have never been in a situation where the sellers side of closing document is been hidden. should i be worried ?
@Tope Babs it sounds like you worked with a wholesaler. They don't want you to see that they paid the seller significantly less then you paid. This is common practice in wholesaler world. The reality is if you think you got a deal then what does it matter if they made money in the middle. If you have clear title then I would not worry about it.
thank you @Tyler Gibson I don't really care how much they made, but during inspection there was some repairs needed which they highlighted and agreed they will get a quote and withhold at the closing table. Foolishly i never asked for the cost of the repairs. After closing i was beginning to notice the lackadaisical after sale service and decided to look for the escrow amount for repairs and i realised i never got full closing documents. when the title company refused to give me the sellers side of the closing document, i asked for the repair escrow amount and she told me there was none . I am confused on how to proceed. The lack of transparency just makes me cringe ! who cares how much they made ? this deal is done already
@Tope Babs yeah they might have got you on that one. They probably slapped some duck tape on it and called it good. Not sure you have any recourse now unless you have something in writing. even if you do have something in writing it might cost more to get them to do the right thing. I think if you really want something to happen your only option that could be cost effective is to hound the broker about why the repairs they said would be done are not done well. Have difficult conversations with them no how their performance raises concerns of their business practices and that you are looking for some sort of resolution that can make this feel right. You will need to compromise if they offer anything at all but share with them that how they handle this situation will affect what you tell others about their business.
When I am looking for people to do the right thing I always share that doing the right thing makes me want to endorse you. not doing the right thing will encourage me to go to BBB, google reviews, and any other internet forum to share my experience. How you act will determine what I share with the world. I don't threaten or at least I try not to position it that way. I simply state that I'm going to talk about my experience you get to decide what I say.
Thank you @Tyler Gibson
Get a lawyer to write the title company a threatening letter. Title companies are risk averse and usually pony up when threatened in my experience.