Possible to switch Title Companies mid-escrow?

7 Replies

Hello BP Community!

I have a property under contract, have a cash buyer motivated, ready to go who already signed the agreement to assign, but my titile people have not been doing their job. They havn't even contacted my cash buyer after 4 days of having a signed assignment! Everytime I talk to them they say they are going to do what needs to be done, but at the end of the day, nothing happens. They told me they could do assignments and double closings before i opened escrow so this shouldn't be a problem for them but they have not done anything to carry this deal forward. Is it possible to switch title companies mid escrow to carry out this deal?

Thank you!

Billy Bell

Wholesale, Mesa, Arizona

Might be a little bit of work but not impossible to do. What funds do you have in escrow right now? The title company should be able to release the funds to another title company, but I am guessing they are probably going to want to bill you for some work first, whatever they've done, even if it's next to nothing. Usually they don't get paid until the closing, so you will probably have to pay the bill to get them to release the funds - or maybe the suggestion will get them moving. 

Well, most of the work involved doesn't involve the buyer.  The only thing they really communicate with him for is; the title commitment when it comes in, a closing statement showing costs, fees, and funds required to close.  Not talking to the buyer in itself doesn't mean much, unless there's something else we're missing.  What is your contract closing schedule?

Hey all!

Thanks for all the input and responding quickly! I got it all figured out! My Title rep was just a new to the assignment process and was a little confused on what to do, and wasn't open in communication about her lack of knowledge until she got with someone more experienced in the firm and we all got it settled and moving forward! (Big sigh of relief!)

Thanks again for the support!
Billy Bell

Originally posted by @Isaac Moore :

Nice work Billy, please add me to your buyers list...I'm looking for properties all over the valley.

Hey Isaac!

This is the same property you offered to JV on, but the cash offer stuck and will be closing next week! I will add you to my buyers list no doubt. Can you send me your criteria??

Thank you!

Billy

Billy, you might ask some other investors, even wholesalers, who they are using for title work. I happen to know that there are a few that are highly involved with investors and understand all of the processes. Ideally you'll want to align yourself with one good escrow officer in one office.