Although I could continue on lamenting about the numerous headaches, heartaches, and paycheck aches that Lenders cause all of us, I thought I’d derail for a moment and discuss management companies again. Do you remember when I talked about them? I talked about my pseudo company – Cro Pomm! Yuck!
The perpetual high blood pressure caused management companies continues. Here’s the thing, if you have a listing that goes under contract, but you never requested the check for the resale docs upfront, then chances are getting the HOA docs to the Buyer’s agent within the alloted time given per the contract will probably be an unbelievably tight squeeze – if it even happens at all.
And here is my suggestion for the week – GET THE CHECK FOR THE RESALE DOCS UPFRONT.
If you explain what the resale docs are at the listing appointment then the Seller has no problem giving you a check for these documents. I know this is true. Ask Pat King of The Owen Group. I worked for Pat for over 4 years. Every single time he came back with a new listing, inside the folder would be a check with the management companies name on it, the amount filled in, and a signature. I had a file that I stuck these into. Once the home went under contract I would order the resale docs and have the check ready for payment.
Why is this a big deal? Well, if the resale docs are not ordered in time, then they won’t be delivered in time. If the resale docs are not delivered in time, then the Buyer’s can back out of the contract WHENEVER they want. I explained all of this HERE. Some of you will say, “So what! All I have to do is ask for the check when the property goes under contract.” This is true. But as I explain in the previous blog entry, the reality of your Seller bringing the check in time for you to get it to the management company so that they will even START the order is a slim chance. What’s more, it’s an inconvenience to the Seller that makes you look somewhat unprofessional.
One company out there – Pro Comm – is, quite possibly, the worst management company in existence today. We have a client right now that is reporting them to the Better Business Bureau. Yes, they are that bad. Although Texas Property Code says that they have 10 days to get the docs done from the time of order, that doesn’t mean that 10 days from the actual date that you ordered the docs you will receive them. What that means is that 10 business days is what they have to finish the order. Do you see how that can be a problem?
All I’m saying is that the Seller will appreciate knowing about all of this upfront, and they will have no problem writing you a check for these documents. They’d have to do this no matter what.
Now, there are some agents out there who will order documents, get them, make copies of them, and then just reuse the copies. This is illegal! It is also dishonest to the client because the documents that you may be giving them aren’t up to date. Thus, you are giving them false information.
Ok, so there was my derail from Lenders. I may not even pick back up with the Lender woes. They are too numerous.
Have a super day!