I have been posting here in regards to a purchase i am making with Auction.com. Its a REO property owned by Wells Fargo. Please see my previous discussions.
Auction.com says Wells Fargo wants to use Servicelink as their closer. Past discussions show that Servicelink is really what Auction.com always uses and that they even own part of this. I want to use my own title company here in Tyler because most of BP says its the best thing to do, but the title companies im calling have no idea was up. They sound new to this and its frustrating. One title company said NO. The other has yet to get back with me, and a title company Ive used in the past said for me to send them the contract so they can review, and then contact Wells Fargo and make sure they will cooperate with said title company for closing. Sounds like alot of hazzle when i can just choose to go with Servicelink. Even if i go with my own title company, Servicelink will charge me $750 (Document management fee $200 Uninsured title Report fee $300 Closing coordination fee $250)
Should i just use Servicelink? Another BP member told me that they all do the same thing basically and get underwritten mostly by the same company which is true. I wanted to use a local title company so i can start building those relationships but they are over complicating things seems like.
What do you all suggest. What are your experiences with Servicelink off Auction.com?
@Maugno M. Use the title company Auction recommends. It will go a lot smoother. You can get your own title insurance and should, but with Auction you are buying the property as-is/where-is. So get a title search done by your local agent to see if there are any liens, so you are prepared. The Auction closer/title company took 3-4 weeks for me to get closed, but it was not too bad.
Focus on the heckuva deal you are getting and your plans once you have the keys.
@Jack Bobeck That is a great time to close ! I've seen other posts on here that say that Servicelink took 9months to close. What a horror story.
I'm thinkin of just doing that and going with auction.com's title company.
@Maugno M. I stayed on them every couple of days, asking if they needed anything from me. So that helps. I am sure that your deal is not the only one they are working on. ya know? Be nice, cordial, and hopefully it all works out sooner rather than later.
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