So I went to put a bid on Hudzu, (Found listing in MLS, says all bids must go through hudzu.)
This is for an auction property with no current bids. I am a real estate agent registered with Hudzu, so I am using "Buy as Agent" option and then filling in my info as the buyer as well.
After hearing the horror stories of using their title company, I close the "seller pays" option.
It then asks me to fill in contact information for the title company (so far so good), but then it also wants me to fill in the "Closing Agent / Closing Company" contact information.
Wouldn't these be the same thing? Or would the closing agent be the MLS listing (selling) agent? (Or would the closing agent be me?!)
FYI This is for Arizona, where we normally just use a title company (not an attorney) for real estate purchases.
After talking to their customer service (ha) they can't answer the question and told me to just choose "seller pays" and correct it with their documents people if the bid is accepted... uh, ok.
I assume you meant to say you picked "buyer pays" as this how you pick your title co., which will also be the closing agent.
Correct- I meant to say I chose "buyer pays", so I could use my own title company.
So then the title company is also the closing agent?
When would they be different? (ie: Why would they ask for the same thing twice?) Would this be for states that use closing attorneys in addition to a title company?
I've bought several from Hubzu. If you don't mind paying your own title insurance, then yes you can choose your own title company and closing company. Generally, these two offices are the same - but they don't have to be. For example, you could choose an attorney's office to do the title search and provide title insurance, and then have another office to close it. But the two are generally the same.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!