The check is in the Mail...The Wire's in the Clouds...I Still Can't Disburse!

Reblogger Glenn Freezman
Real Estate Services with Nucazza LLP & Home Buying Evolution, & Family Abstract, Inc

Here is an excellent story and video, based on truth, which is what makes it so scary.  There is a whole world that goes on around us and everything is eventually connected.  We must follow rules, whether or not we like them.  We must never surround ourselves by mirrors so the only person we see as important is the one that is reflecting off the glass. 


Original content by Glenn Freezman

Family Abstract, Inc. and all title insurance agencies have a fiduciary responsibility to our insured, both the lender and the Home buyer equally.  We are asked to break our laws and guidelines quite often by a another third party to the transaction.  Our office encountered yet another Real Estate agent requesting, OK, demanding we release the funds because,” The Wire has been sent and we have a confirmation it was sent!”

The conversation was something like this:

Buyers Realtor:  As I already explained to your settlement clerk, we have confirmation from the bank, the wire has been sent!

Me: I understand and I can empathize with your situation but my hands are tied, we must abide by the “Good Funds Act” we don’t have a choice.

Buyers Realtor:  Are you really saying that the confirmation isn’t good enough?

Me: Yes

Buyers Realtor: I have never heard of such a thing! I am shocked and appalled!  If I say the wire was sent it was sent.  If the bank says its confirmed then you know it was sent.

Me: Then herein lies the issue, sent is not received.  The law was enacted over 5 years ago.  I remember a Penn Title  memo to all agents from Penn Title 1997. it said, "Not even just this once. Not even for your best customer. Not even if the Realtor, mortgage broker, next door neighbor, or borrower’s brother’s wife’s father
would like his check yesterday! NOT WITHOUT GOOD FUNDS! Additional memos followed.

Sellers Realtor: But my seller needs these funds for her purchase this afternoon!  You need to make them available! We are going to be late for their closing which will make me late for my hair and nail appointment.

Me: Mouth open jaw dropped, in awe!

Buyers Realtor:  You are the first title company (a perennial favorite) I have ever dealt with that won’t make an exception for something this ridiculous!  

Me:  Ridiculous?  I am not in receipt of the $530,000 your demanding i disburse,  I'm just saying... that seems ridiculous! 

Buyers and Sellers agent:  The wire, we told your girl and now you, was confirmed and on it’s way.

Me:  On it’s way. Check is in the mail!  Wire is in the clouds! Same story, updated version

Sellers Realtor:  You have other settlements going on today, I’m sure.  Why can’t you just use some of that money to fund our deal, then you can replace it when the wire, You are so worried about, gets there like we all know it will!

Me:  You are asking me to use someone else’s money to and use it for this settlement?  Co-mingle http://www.familyabstract.comescrow funds? You just want me to borrow the money for a little while? Rob Peter to Pay Paul? Sure, I can rename the Agency, “Ponzie Abstract and Title” Is that what you’re asking?

Buyers Agent:  YES Exactly.  Its right for everyone concerned except you!  And lord knows you are replaceable!

Me: Well, have you both ever considered the potential impact on my clients and their lender, my partner and her 3 kids, our 22 employees and their families or my wife and our 2 kids, if this all blows up? It has happened, there are documented cases. 

Buyers agent:  You should consider them strongly when you tell me NO, YOUR FUTURE DEALS are at risk!

Sellers Agent: I’m working with 3 other buyers, if you can do this favor for us, I will introduce you to each of them.

Me: So, I do what you demand while you play "Good Realtor Bad Realtor" and I am guaranteed more deals from both of you.

Buyers Realtor and Sellers Realtor: Now you understand. That’s what we want.

Me: I will gladly fore go your future deals on behalf of my family, my partner, her family, our employee’s and their families, and OUR buyers and their bank, OUR INSURED!

http://www.nucazza.comAnd then the voices as if delivered from heaven...

Home Buyer:  No, that’s not what we want!  Thank You Glenn, I really appreciate the education and now I fully understand why your office suggested the settlement be later in the morning in the first place but the sellers agent said she had other plans for the afternoon.  I have friends buying homes, I’ll be sure to give them your contact information.

Seller: I understand completely.  I’m not happy but I get it.  I really don’t want money you don’t have yet?  That’s ridiculous!  It’s not like I could buy the next house with magic money, right!

Me to buyer and seller: I appreciate you both!  Thank you!

At Family Abstract, we continue to take the high road… no matter what! We believe the home buyer is the center of Real Estate even if we really never get the opportunity to let them know.  We are working hard to become more home buyer direct. Title insurance has become such a transparent part of buying a home,we are nearly invisible.



Tell me what you think, please leave a comment.  I promise to continue the conversation and I hope you’ll do the same.



About Family Abstract, Inc.

Established in 2002, Family Abstract, Inc. provides Title Insurance to clients and customers throughout Florida, Maryland, New Jersey and Pennsylvania with more than 40 years of combined experience in management alone. We pride ourselves on retaining the most skilled and knowledgeable employees who share our goals of providing the best service in the industry.

Located in Horsham, Pennsylvania, Family Abstract, Inc. maintains an extensive network of skilled title insurance abstractors in all the states we service in addition to a nationwide network of qualified closing agents who are available to close loans at any location.

Backed by the strength of four title insurance underwriters, we are able to provide expert attention to detail without sacrificing versatility in the closing process, thus providing more options in difficult title situations. Due to our depth of industry knowledge and commitment to excellent service, Family Abstract, Inc. has been able to develop client relationships that have endured for decades.

Having successfully settled and insured thousands of transactions, we have already earned the trust and confidence of hundreds of customers, lenders, brokers, and realtors and now we would like to share our expertise with you!


This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the leaf to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Comments 0 New Comment

Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the clip to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the lamp to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:


Glenn Freezman

Ask me a question
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the robot to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

Nucazza, aligns itself with banks and credit unions all over the country to bring the message of choice and transparency to the banks customers. Through Webinars, co-branding and a message of positive choice we can identify home buyers on behalf of the lending institution and give them all the tools to make an informed decision as to how they wish to buy a home and how they wish to pay for the services provided. Nucazza, LLP will pass all interested home buyers to our database of participating Realtors. We are a free service to the home buyers as well as all ACRE graduates. We are an ACRE industry partner in the education, effectuation and Rabble Rousing of the Alternatives to Commission. While in my 25th year as a multi-state title insurance agent I am fulfilling a promise I made to myself just 3 days into my new career. "This industry is broken, I need to part of the change" Over my tenure, the companies I have been involved with, Family Abstract, Inc. et al has been involved in over 100,000 real estate transactions. The number one question that continually rose was regarding the commissions being paid to the Realtors(r) at closing. The buyers insisted it was their money that paid for the commissions since it was added to the sales price, the sellers believed it was their money because it was paid as part of the sales price and the "Gentlemen of Real Estate that began it all were smart enough to put it in the Agreement of Sale to protect their own ASSets. Question 1A was, what does 6% commission have anything to do with the value my agent brought me? How does one equate to the other? Why am I handing money to everyone? :( Nucazza, LLP was created as a way of giving back for an incredibly rich life that I have gotten to enjoy thanks to the real estate industry. I see great changes coming in real estate all to the benefit of our children and our grandchildren. Both as buyers and sellers as well as for those that become a new "Evolutionary" Realtor all will enjoy the richness of life that will be associated with this profession.  My job is Chief Evangelist, You don't know me... But you will