Can I use my own title company on Auction.com

Question

I just won an Auction.com property. I have been using the same title company to keep things easy for my hard money lender. I was told you always have the right to use your own title company - is this true on Auction.com?

Account Closed · Answer

Yes, let the rep assigned to you from auction.com know you've got your own title company.  He/she can then revise the contract to add their name.  They should be able to revise it quickly.

Adam Craig · Answer

I just received the contract that I need to sign. At what point do I let them know I am using my own title company? Should I hold of on signing contract so we can get mine in there?

Account Closed · Answer

In my experience, yes. I've purchased 2 properties through auction.com and have used my own title company for title insurance and to do the actual close. It should state on the property listing page buyer has the right to purchase their own title insurance if it does not delay closing.  Just know you will be required to work with the title company that represents the bank as well. So your title company will partner with theirs to facilitate the close. After you win the auction, you will wire 5% of the winning bid to the bank's title company (not yours) and you will be credited that amount at closing.

It's confusing and a slight hassle but that's the price to pay for getting a great deal at auction!

Dan Rosenberger · Answer

There will still be fees that have to be paid to the auction's designated title company.  Some of the fees might be duplicate of fees that you have to pay to both your title company and their title company.  It might end up being be less expensive to go with their title company.   You can ask the rep what estimated costs would be both ways and make a decision.

Can I use my own title company on Auction.com

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