Yelp ratings for 2 stars is "meh, I've experienced better." In this case it is true. I've gone…read morethrough several escrows transactions and usually I don't have complaints. My past few transactions, I used the escrow services that my Loan Broker recommends, which is usually an inhouse escrow agent, but this time they had to outsource it. I figured, I've hadn't had a problem with her recommendations before so why not. My broker said this was their first time using Precise Escrow.
My escrow agent was James He. The point of having an escrow agent, besides it being the customary practice of having one in a real estate transaction, is for him to handle and obtain the documents necessary to get the transaction completed that is within his ability.
I was charged $400 for settlement agent fee, and $100 document preparation fee, $50 for document messenger fee, $20 wire fee, and $175 for Mobile Notary Fee.
My frustration is that the services provided should be delivered with good work ethic for the fees.
The scheduled closing date was supposed to be a Monday the 13th. The Friday the 10th, before that Monday, James called me asking if I have a contact at AAA (aka my home insurance). He said that he faxed them 2 days prior a request for insurance information and did not get a response. Mind you, this is during the COIVD19 pandemic and most people are not working in the offices, let alone to get faxes; the agents were working remotely (I know because I confirmed with AAA agents that I spoke with over the phone). Generally, time is of the essence in closing escrow. Why did he wait the last day of the week prior to closing to try to get the documents and why did not pick up the phone call earlier to call AAA to get someone on the phone? He even acknowledged that it may talk awhile on hold to reach someone at AAA. Well he did not make the effort. Just pure laziness.
If the closing deadline is missed, why would he care, it doesn't affect him, but me! The cosequences of missing a closing date can be $$$ on my end! So I took matters in my own hands to request the necessary documents from AAA. It took me 30 minutes on hold of the 800 number that you can find online. While on the phone with the agent, I was able to have the agent email the PDF document immediately, which I forwarded to James.
Why am doing his job that I am paying him to do. His excuse was that he doesn't believe my closing date would be on time because the lender was backed-up due so that's why he wasn't in a rush to get it done. So what. My philosophy is don't give the lender an excuse to say YOU missed the deadline. Instead work like the deadline is a hard deadline so YOU are not the one who can be blamed for missing the deadline. If the lender missed the deadline, then it is on them at least not on the you/me.
The lender missed the deadline and extended the closing date because they were backed up. However, my next gripe was that it did not have to be extended much further but for the lack of urgency from James.
I get an email from James, the following Friday the 17th, AFTER the initial closing date was extended, indicating he needed another insurance document from AAA. I told him why can't he call AAA (I was busy with my own day job and needed James to handle it for me; that's what I'm paying him for).
I get did not get follow-up from him until the next Monday the 20th. Where he emailed me saying he had called AAA that Friday and that the agent he spoke with was suppose to email him the documents. However, he did not get it any documents. Well hello McFly....why don't you immediately follow-up the same day and not wait over the weekend to realize it. Every day I extend the closing date is just extra interest and $$$ that I am paying for at a higher rate.
On that same Monday, it took me 5 minutes to get an agent at AAA on the phone and it only took me 10 minutes to get the document from the agent to email it to me, which I subsequently forwarded to James. Clearly, it was not difficult for him to do if he had just put in an ounce of effort.
My advice to others you can find better. I have experienced better escrow companies that have provided me with less stress and let me focus on other day job while they handle the services that I am paying them for. If you want to close escrow on time, choose someone else.