REO title insurance question

[Tonya Thompson]

Hi all newbie here

We are considering purchasing a REO from ditech. The REO manager stated he normally "closes" and signs paper work at a nearby restaurant by his house. The deal was to be done as an owner finance.

We want to get title insurance and told him that we would get our own title company for the closing. We wanted to have something to protect us. Also ditech does not have very good reviews listed. 

The REO manager then states that we will need to close with him first and he will put something in the document that states we have 30 days to get title insurance and do whatever title work or due diligence and in that 30 days we can get our money back.

Is this legit? I thought title insurance is done before you close? 

[Wayne Brooks]

@Tonya Thompson Please either post the property address here, or send me a PM (you have to make a colleague request if you didn’t know).

This whole thing sounds Way off, like a scam. 

REO's typically:

Are sold through a local real estate co. 

You Always have a purchase agreement as Step 1

They Never close without a title go. 

They Never offer seller financing

Ditech is a real company but no company does business this way. 

I’d like to verify title/deed info on the property, Ditech’s Real phone numbers, etc.