I put in an offer on a local home through Auction.com, a real estate bidding website. The home is an REO property and all boarded up. I'm confident with my #s and will most likely come out profitable. Though the buying process has become... unnecessarily low quality and unprofessional due to the third-party attorney, ServiceLink.
When I won the bid, I was asked who I prefer to represent me. My options were, Auction.com's third-party (ServiceLink, A Black Knight Financial Service Company) or my own attorney. I saw the rates they offered, which were slightly lower than my attorney's rates and they represented the bank selling the property as well. This led me to believe that if I chose them to handle this very simple transaction, we can have a closing a lot sooner. Little did I know, this third-party firm would turn out to be the worst company I had ever dealt with.
Initially, I was asked to sign documents and forward them to the company, ServiceLink. After doing so, I had to call in a few times until I had someone pick up and answer my questions, regarding the closing status and date. They gave me a closing date, October 12th, and told me to make sure I had the funds available that day. On October 12th, I had a few investors ready to transfer me the funds once I had reviewed the HUD statement with them, per buyer-lender due diligence. Unfortunately, the closing did not happen that day. To make it even worse, ServiceLink never even called to update us. I had to call numerous times within the next few days to even get a hold of this paralegal or secretary, not sure what she is, handling my closing to get me some answers. Apparently, due to their negligence, there was a lien on the property that needed to be paid by the seller (the bank), which should have been picked up from day one of the title search. The lady that was handling my closing had left on vacation, leaving me high-and-dry with someone else who was "too busy" to keep up with the local town hall in regards a document requesting an inspection in regards to the lien. She told me it would only take a few more days to complete the closing. 3 weeks later I had to call and see if this deal was still alive, and still no response. When they did respond, they were incorrect about past dates and timeframes regarding the closing dates and extension dates. Their lack of accuracy and commitment irritated me to a breaking point.
Finally, I found out the email of the head management at ServiceLink and CCed her into all further emails. I gave my request, stating that the current contract had expired and my investors have turned to another property. In order for me to bring this deal back together, we are requesting a new purchase price of $xxx,xxx. The bank approved a percentage of our request, which was enough to cover the commission, attorneys fees, and property tax. We were happy and continued with an extension. Today, I still have not heard back from ServiceLink or Auction.com in regards to the closing. This is the worst company I had to deal with. I highly recommend using anyone else instead of ServiceLink. They are late to respond, inconsiderate of other's deadlines, and totally unprofessional.
This deal has started on a delay, holding up my contractors that I had already set deadlines for. I wish I could go back and pay that extra few bucks to have a true professional handle my side.
I hope this helps someone learn from my story. If you have had a similar experience, feel free to share it.
Thanks for giving a heads up. That's not a professional treatment. You can probably voice it out to auction.com that their third party lawyer is not doing their job.
Hey @Jefferson Gan ,
No problem, I hope it helps shows others how to be aware of the deals they get into.
I have voiced my opinion and concern, though they do not consider it a reflection onto their work. They do not hold themselves responsible for a third-party's actions. It is unfortunate, all we can do is "live and learn".
I could not agree more, I Always advise using your own title co. The "perceived" savings are rarely worth the aggravation, and many times they do an incomplete title search, with a title policy that Exempts (section B) unrecorded, but findable liens.
Hello @Wayne Brooks ,
The savings weren't the only driving force behind my decision. I wanted to close quickly and having the same attorney handling both sides would make the process faster. Sometimes we learn the hard way. Thank you for the heads up regarding the title search, I will keep a close eye on what they provide.
We have had the exact same experience. NEVER trust a title search from ServiceLink personal.
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