This one goes back 30 years…I’ll keep it short and sweet. A big real estate “no-no”.
I sold my client’s home in Minneapolis…The buyer’s title company released the
title work, which showed a different name for the buyer than who was on our
purchase agreement. I questioned the buyer’s agent on this and said, “who is
this person?”. The agent said that the original buyer was assigning the sale to
another buyer, which would take place on the same day as our closing. I asked
the buyer’s agent how much they were selling the home for in the next closing
room. I don’t remember the exact amount, but it was almost twice as much! Long
story short, the agent, the buyer, and the appraiser were all in cahoots! Everything
was halted immediately, and we were able to find another buyer- luckily to
close on the same day! Lots more deets on this one. Boy, it was a doozy. What
did I learn from this? Our team always checks the title work!