Top 3 Critical Times You MUST meet Face-to-Face with your tenant/buyer Part 2

Here is a perfect example for #2 and #3, which are very closely related:

We took over a property "subject to" a year or so ago, where the seller was behind on her first mortgage payments with Chase, and deeded us the property into our trust, and we brought the loan current and started making payments.

For some reason, the bank did not properly process these payments. They started putting them in "suspense account" while starting to send a late notice to the seller who is also a previous borrower.

Meanwhile, buyers had moved in on a "contract for deed" in which they made repairs as part of their downpayment, and began making payments on the property. We agreed to give them the deed in their name when they complete the payments on the property or refinance, whichever happens sooner.

Anyway, the seller freaked out and was unable to reach us. So she went directly to the property and informed the buyers in the property of a delinquency and possible pending foreclosure.

Understandably so, the buyers were so freaked out they called us and began making all sorts of legal demands and accusations.

As a solution, the seller suggested we all meet somewhere near the property to discuss this face-to-face. I agreed, and then got the insight that this should be best handled with an official present. So I scheduled a meeting at my local title company where my title agent would preside, and answer all questions. All the parties would be present.

This worked like a charm. The title agent validated the title, the parties raised their concerns. I handled their objections and then steered them in the direction of setting up an account servicing program, where they would make payments directly to the title company, who would then make payments to the bank.

It would all be done third party and at arm's length. They were all happy with that solution and left with smiles on their faces. This was done on a Friday, in time for the Easter Holiday, which I am sure they all enjoyed more.

Had we stalled on meeting face to face, or dealing with these problems squarely, this deal would have blown up and resulted in a costly, unnecessary lawsuit.