Investor · Lynnwood, WA · Member since 2014 · 186 posts · 48 votes
During the last 2+ years, we've worked with Chicago Title and Escrow. We've worked with multiple Title officers in several different offices (Bellevue, Everett, and Tacoma). We were never completely satisfied with the level of service that we received; however, on several recent transactions, the service was really poor and we felt like our business was not valued. Therefore, we are looking for a smaller investor friendly Title and Escrow company (can be just a Title Insurance company). It would be a bonus if the company had experience ensuring "subject to existing loan" transactions. I would love to have your recommendations, thank you BP community!
Investor · Lynnwood, WA · Member since 2014 · 186 posts · 48 votes
9y
Hi John, you are correct that most loans have a clause, which allows the lender to call the loan. However, from speaking with other investors who have done "subject to" transactions the probability of a lender calling a performing loan is very low.
Investor · Lynnwood, WA · Member since 2014 · 186 posts · 48 votes
9y
Hi Autumn, do you have a specific Title Insurance officer in mind who you would recommend? My understanding is that title insurance officers have lots of leeway in deciding which transactions to insure.
Hi John, you are correct that most loans have a clause, which allows the lender to call the loan. However, from speaking with other investors who have done "subject to" transactions the probability of a lender calling a performing loan is very low.
You are correct. DOS is seldom called right now. If interest rates jump significantly, the lenders will start looking. But, for now, I don't see any problems. I do Subject To in AZ WA TX and CA but I will eventually do them in ID OR and CO as well. I do not fear them ;-) Also, I do all mine in Escrow and I Record all my Deeds.
If you have questions about why I do them that way and do not hide the transaction, send me a colleague request and ask and I will email the strategy and why.
Therefore, we are looking for a smaller investor friendly Title and Escrow company (can be just a Title Insurance company). It would be a bonus if the company had experience ensuring "subject to existing loan" transactions. I would love to have your recommendations, thank you BP community!
The investor friendly company we like is Guarantee National Title, downtown Chicago. For us it's not about the Title company, it's the attorney, who's innovative.
Investor · Lynnwood, WA · Member since 2014 · 186 posts · 48 votes
9y
Michael and Crystal, thank you for your recommendations! Do Plymouth and Guarantee ensure transactions nationally? I am searching for a title company to ensure transactions in Washington State.