Posted by michaela-CA on January 28, 2009 at 19:30:06:
IB,
it’s only for REO’s where the seller (banks) insist on using their attorneys. And I found, if you want to buy and REO you have to pretty much play by their rules, because they don’t really give a dam* about your offer otherwise.
I didn’t say that that goes for other sales.
Michaela
customary to order Title on REO? - Posted by Tene Williams
Posted by Tene Williams on January 27, 2009 at 07:21:47:
Just want to make sure I do my due diligence. I set the closing date for two weeks but I need to know if I should order title? I already have a verbal accepted offer.
Re: customary to order Title on REO? - Posted by michaela-CA
Posted by michaela-CA on January 27, 2009 at 08:47:05:
Typically it’s the bank that chooses the closing attorney/title company and part of their work is getting the title work done. So, you don’t need to do anything in that regards.
The experience I’ve had though is that the banks seem to be so overwhelmed with all the foreclosures, that it takes them forever to get ready for closing. They may agree to a closing in 2 weeks, but be prepared that you will end up with some extensions. At least that’s what’s been happening with the REOs I’ve bought.
Michaela
Must be a regional thing… - Posted by IB (NJ)
Posted by IB (NJ) on January 28, 2009 at 06:51:26:
Here in NJ, the buyer is expected to order and pay for title and therefore chooses the title co.
Must be regional - Posted by michaela-CA
Posted by michaela-CA on January 28, 2009 at 12:51:02:
I guess so.
In Atlanta there’s only one way to close on an REO - the way the mortgage company wants it done - and they insist on using the attorney of their choosing, even if the buyer pays.
Michaela
Re: Must be a regional thing… - Posted by Natalie-VA
Posted by Natalie-VA on January 28, 2009 at 07:17:50:
Even on a bank owned property?
Re: Must be regional - Posted by IB (NJ)
Posted by IB (NJ) on January 28, 2009 at 17:26:21:
Whew what a racket. Then I guess title companies in ATL have no incentive to schmooze the investor. Boy the attorneys must be living like kings with title agencies treating them much like pharmaceutical companies treat MD’s.
Here the attorney and the title co. are typically separate. Often the buyer’s attorney will try his best to recommend a particular title co. but in the end it’s the buyer’s decision. The seller, banks included, care nada as long as the underwriter is a major insirance company.
Who knew that Jersey was good for ANYTHING besides high taxes, pollution and traffic?
Ib