All right, title companies might not wire your funds directly anymore. We’ve seen this sporadically throughout the last year.
Yes, some do, some don’t, some correct. There’s been all types of things. So what we have here is a KDAY. And on this particular KDA, we have one, two, three, four, five, six, seven people who are getting compensated. And that’s totally fine with us. What we want our title companies to do for us is to send that wire out or checks out to seven different people according to our dispersement.
So that’s why we issue a commission disbursement authorization. Then everyone gets paid all at the exact same time and the file balances a lot quicker for them and it also helps us out. So I’m extremely thankful in that particular situation. What we had was a new builder recently that I think is closed on Friday, may be funded on Monday. I’m not sure the reason or rationale where that check where they would only send one check and the check for all of them have to go to the broker.
So the broker is always a source of payment. We are saying, no, no, no, we don’t need the whole check. Please, Disturbia just like this. Here’s our authorization to go ahead and distribute it according to these rules. So in this particular situation, this builder, do you happen to remember their name? I think it was Lennnar, I think I believe. And then the title company in particular.
Do you have to remember that they have their own title company?
Ok, so, yeah, I don’t know whom it was here. So chat in if the seller is Layna, so chat in if you know whom the title company was in particular.
So we know this, they have their own. OK, so it’s in our title. OK, so now we now we believe now you’re having me second guess that. Yeah.
Ok. Or whomever is involved on the transaction if you happen to know, please let us know. Chadians who have some more details please. Lisa or Stacey. Is Lisa. So let us know. Yep. So the issue there is that they won’t send that out for us all. The money will come here in one check. So this particular file closed on Friday and I don’t know
why or what happened, but it wasn’t funded until Monday or distributed until Monday. Maybe the checks were caught, maybe the wires went on behind the scenes. But then after they didn’t really worry about our money until Monday, I’m sure it was the weather.
And that bad weather last week. OK, so that’s fine, but just know that there could be.
Then we get the check and the check was delivered here on Monday via like some overnight system, so we get that on late on Monday and then after that, I have to put this check in the bank so I can pay people. So the process is we’ll deposit the check as quickly as we receive it. Then I will have your information in the computer and then we’ll send that check out directly to you through our bill payment system.
And the reason for that is I’ve had problems in the past with me physically writing a check and then the computer, not recognizing it and needing a lot of validation. My penmanship is pretty horrible and the computer for some reason can’t read it. So when you’re going had to try to deposit them, it does become a problem. So we just went with an automated solution where it is typed and you have no challenges whatsoever right now. Yeah. So the check will leave our account as soon as it possibly can, and then it’ll go directly to you to the address that you have on file with us.
So please ensure that your addresses is updated. This check, when it comes to you, would come in a rather nondescript envelope and it’ll take the first time. It takes about a week. And then after that it takes about three business days each time thereafter for it to go directly from our bank, Wells Fargo, directly to you in the mail and then you get it. I can’t like it takes a lot of time to take and write seven envelopes out. Right.
Seven checks and all those things. But once you’re in the bill payment system and we just hit send, send, send, it’s done within just a couple of minutes. So the process is not that bad, but it is much nicer if you get paid immediately. We do take your funds very is a priority. Right.
We want to ensure that you get paid and that’s why we set up to have it done the way we’ve done in the past. But, you know, and it could just be rare instances. It may not be all across the board, but it could get to a point where, you know, there is a little bit of a delay.
So if you have a closing, you might want to ask, do you wire know that in advance? Right. Can you ask a.. Stacey sends it out and she does such a good job of getting it out early. But then a lot of times they’ll call, can I get your KDA like the day before? And it’s like we sent in a while ago.
So so maybe, Stacey, if this comes up in the future and it is somebody that won’t wire it for us and this only happens like once in a while, it’s not like all the time, right? It’s not the same. I definitely don’t want to become an accountant in distributing money and any of those things is not my desire. So we’d rather the title companies handle it. You get your money promptly, but I want you to be aware that this is a potential issue.
So, Stacey, whenever this does come up, if you would please kindly put a note in the file and tag the appropriate people so they know that this happens. And then when I receive the funds, we’ll put a note in and say when is distributed out, I do take it seriously and we’ll get about just as soon as we can. But the check does have to clear so that we can send it out and then it does take a little time. So I want everyone on the other side to always know when you’re getting your money.
I believe brokerages across, you know, the Metroplex. I mean, all of them do it that way. You have to get the money. And I mean, it has to go through that process. So hopefully we can continue the way we’ve been doing.
But while it would be an option for you to see if the title company is providing value and the correct level of service, so if it’s important to you to get paid promptly, then just know that you would choose a title company when it’s your choice for one that will value your payment. Right. And handle it in a certain way. Now we want to always do what’s best for the client, but it’s just important. Sometimes people want money and a certain time frame and I completely respect elders.
This was a builder instance where they control the, you know, the builder controls the title and mortgage and everything else.
So but knowledge ends up being power. And we want you to understand and you have choices and you have decisions that you can close. Things are important. So is your money. Yes, absolutely. So anyways, now we’ve thoroughly covered that from every single angle and we can move on to the next topic.