Orlando, FL · Member since 2009 · 2k+ posts · 282 votes
In light of recent problems with the REO deeds, would it be worth it to shop around for a title company rather than accepting the bank's choice? How would you choose one title co. over another?
Residential Real Estate Agent · Chandler, AZ · Member since 2009 · 1k+ posts · 928 votes
15y
Bryan-
I've heard banks are not that willing to let the buyer choose the title company. How many deals have you been able to close this way? Are certains banks more likely to allow this? Is it in your initial offer or counters?
Orlando, FL · Member since 2009 · 2k+ posts · 282 votes
15y
Originally posted by wheelhouse:
Bryan-
I've heard banks are not that willing to let the buyer choose the title company. How many deals have you been able to close this way? Are certains banks more likely to allow this? Is it in your initial offer or counters?
Thanks
in my state there's a law that buyer can choose their own title co.
Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
15y
Banks are always going to use their own title company for their side of the closing. Used to be that they expected buyers to use that same company.
Legally, things have changed (I believe this is nationally), and banks must allow buyers to use their own title companies for the buyer's side of the close.
So, my title company will pull title, do title searches, prepare the HUD and do the signing, while the seller's attorney will take care of the deed, providing the seller's numbers for the HUD and getting seller signatures.
Flipper/Rehabber · Denver, CO · Member since 2009 · 1k+ posts · 726 votes
15y
Buyer can choose in most states, the seller will only pay if you go with theirs. I usually go with the sellers title co, they do so many closings for that bank they dont mess things up usually. SInce i'm on the REO side, I know most of the closers too. I always try and get a hold open so when I sell the property again, I get a discount.