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Bailey Coleman
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The Bank will not let use use our Title Company. What do I do?

Bailey Coleman
  • Investor
Posted Mar 21 2024, 19:30

I am negotiating with the bank on a short sale and they will not let me use our own title company....Has anyone worked with Golden Eagle Title before in Cleveland Ohio? That is the title company I am forced to work with. Can someone connect me with a rep that works at that company?

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Bill B.#3 1031 Exchanges Contributor
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Bill B.#3 1031 Exchanges Contributor
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Replied Mar 21 2024, 20:03

I don’t think anyone is ever allowed to change anything in regards to short sales. The bank wants a common contact for all deals. Is the market there crashing? How do you have any short sales?  Don’t worry about which title company is being used, it just won’t matter. Plus they should have experience dealing with thsi bank. Good luck. 

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Jeremy Segal
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Jeremy Segal
Replied Mar 21 2024, 20:32

I once represented an investor in REO purchase. The bank's title company insisted the contract did not allow for the buyer to use their own title company. After re-reading the contract, it absolutely implied they could. RESPA also prohibits sellers of property that will be purchased with a federally related loan from requiring purchasers to use a particular title company. It may depend on your agreement with the bank, I don't know the specifics of your contract, but I would read it carefully, you may be able to do a bifurcated closing so that you can use your own title company for your side of the transaction. They may push but back down depending on the language in the contract. Parties dislike bifurcation because it can slow things down at the closing.

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James Wise#1 Classifieds Contributor
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James Wise#1 Classifieds Contributor
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Replied Mar 22 2024, 06:03
Quote from @Bailey Coleman:

I am negotiating with the bank on a short sale and they will not let me use our own title company....Has anyone worked with Golden Eagle Title before in Cleveland Ohio? That is the title company I am forced to work with. Can someone connect me with a rep that works at that company?


 Standard op for banks. No big deal bro, it's all good.

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Bob Stevens
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Bob Stevens
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Replied Apr 9 2024, 08:04
Quote from @Bailey Coleman:

I am negotiating with the bank on a short sale and they will not let me use our own title company....Has anyone worked with Golden Eagle Title before in Cleveland Ohio? That is the title company I am forced to work with. Can someone connect me with a rep that works at that company?


 Who cares who you use for the closing?  There all basically the same there. Hey if you want simply to have all docs and correspondence  go to whomever you have a relationship with but have the banks title close it.