Closing on a Homesearch Property in Florida?

Question

Does anyone have experience on closing on a Homesearch property in Florida?  I'm bidding on a property and expect them to select a non-local title company to close with. So I'm wondering if I should close with their company or choose my own.

If you've closed on a Florida property with them, who did they want to use as a title company?

Did you go with their company or decide to choose your own and pay for the transaction?

If you used their company were you happy with the service?

Any issues getting title insurance?

Any advice would be appreciated!!

Thanks

Cheyenne Davis · Answer

Just curious as to how the closing with Homesearch turned out? Any surprises or issues you can share? We're starting to bid on some of their properties...

Mark Bosworth · Answer

@Travis Hamilton

I'm in the process of bidding on one right now.  I'll let you know if I get it.

Before the auction ended I wanted to know if I should factor in a "surprise" factor in the closing process.  My experience with REO properties is that they do everything they can to tilt the deal in their favor.   And you frequently find out about it once you are in the middle of the deal.  So I've gotten a copy of their standard contract and was trying to understand their closing process.  I did pay for an inspection on the property I'm bidding on because there is no inspection contingency. (It is unoccupied)

Travis Hamilton · Answer

@Mark Bosworth

1st let me apologize for not even attempting to answer your question - I have no experience with homesearch.com!

But I am curious about your experience.  Did you actually place a winning big that was above the reserve price or was yours the highest bid and they contacted you and it went from there?  It looks like from reading their terms that it isn't a typical auction.  Basically, if you win you put down earnest money and move forward with a fairly normal closing minus an inspection contingency.  Although it does look like that there might be a small window to inspect unoccupied properties.  Just curious...thanks!

William Allen · Answer

@Mark Bosworth

I don't have experience with a home search property in Florida but I do in Maryland.  They didn't have a local title company here and allowed me to use my own.  I would recommend you doing the same, have read some bad reviews about their title company.  They still paid the same amount as they would if they used their title company in my case because they didn't have a local one.  Let me know if you have any specific questions about my transaction.  Good luck.

-Bill