What to look for in a title company - Posted by Craig_NOLA

Real Estate Investing
#1

Posted by Craig_NOLA on November 20, 1998 at 21:18:45:

Joe,

Actually, the particular method I’ve chosen (buy for 20-30% below market, quickly resell at full appraisal by offering owner-financing to those with problem credit, sell the 1st lien note at closing) simply requires a double close. The “plan” does, however, call for me to try to negotiate for the seller to pay for most of the closing costs when I’m buying and for the buyer to pay for most of them when I’m selling. Other than that, any and all tips from the pros are always appreciated.

Craig

#2

What to look for in a title company - Posted by Craig_NOLA

Posted by Craig_NOLA on November 19, 1998 at 22:19:30:

I’ve planned my work; now it’s time to work my plan. My central strategy is to focus on doing flips via simultaneous closings, and my question is this:

Considering that if all goes well I could be doing 10-15 closes per year, what types of discounts or perks could I possibly negotiate or what might a good title co. simply offer?

Also, what are some general things to look for when selecting a title co. with which I’d like to build a relationship, i.e. in terms of quality of service, etc. ? Any advantage to going with a local co. as opposed to the national guys or vice-versa?

Any and all advice would be appreciated. Thanks in advance for the replies.

Craig

#3

Thanks to all who responded! (nt) - Posted by Craig_NOLA

Posted by Craig_NOLA on November 24, 1998 at 02:45:16:

nt

#4

Financial Strength EXTREMELY important! - Posted by William L. Exeter

Posted by William L. Exeter on November 21, 1998 at 15:06:32:

You should review the financial strength, bonding and insurance coverage very closely to make sure that you are comfortable that the title insurance company will be around when/if you need to file a claim. Be careful not to jump at the cheapest title premium, the best give-a-way gifts, smallest company next door, etc. I have seen title companies closed down for embezzlement of funds and investors that had funds in closing/escrow accounts lose money. Although it does not happen often, these issues are VERY IMPORTANT and must be considered.

#5

same criteria I use to select a Bank ; ) - Posted by al kaline

Posted by al kaline on November 20, 1998 at 23:39:56:

  1. convenient hours
  2. small in size
  3. lots of attractive women in short skirts

Not necesarily in that order.

#6

Re: What to look for in a title company - Posted by Joe Kaiser

Posted by Joe Kaiser on November 20, 1998 at 20:00:34:

So how come the plan didn’t figure out a way around paying for two closings?

Joe

#7

I like the small ones - Posted by John Behle

Posted by John Behle on November 20, 1998 at 18:22:07:

I’ve always found the smaller title companies to be the best for me. The big ones work on “numbers” and have more levels of employees between the “deal makers” that originally started the company and the clients who need their expertise.

I like a company where I can deal direct with the attorney that owns or runs the company. Service and the ability to close a complicated deal are what I look for, not discounts or free perks. When I first got into the business, I would just be able to walk into the company hand Mark a complicated offer and say “I don’t know how to do this deal, can you put it together”. He would grin and say no problem. He liked the creative deals.