Private Money411 Magazine - The Source for Real Estate Finance Private Money411 Featuring Sarah Montes | Page 18

TRANSACTION
O
Article by Rob Barney, Owner of DHLC Mortgage
ne of the most common misconcep-
tions out there is that seller ALWAYS
gets to choose the title company since
he/she is paying for the title policy.
In some cases, REOs and HUDs, this
is true. However, as the buyer, when you submit a
contract/off er, YOU have the the right and opportu-
nity to tell them what title company YOU want to
close the transaction with.
Why is this a big deal; aren’t most title com-
panies the same? NO! They are not! As a lender I
have to deal with the title company listed on the
contract, and I can tell you all title companies are
not created equal. I have four borrowers ready to
close who have been ready to do so for several
days. We are STILL waiting on title commitments
that were requested weeks ago. Unfortunately it is
out of our hands how fast the title companies turn
the title commitments around….they are in control
at this point. So what do you do, you ask?
The best thing to do is to ask your lender what
title company THEY recommend. As a lender, I
have several “PREFERRED” title companies that I
recommend to buyers who do not know where they
want to close. Your lender knows what title compa-
nies work best and which ones give them, and by
extension, you, the best and fastest service. The title
companies take care of their best clients fi rst. It is
Realty411Guide.com
Should Buyers
Choose the Title
Company When
Purchasing a
Property?
a fact of life. That is why many REOs, and also HUD,
mandate the use of their preferred title company.
If you want to ensure a fast closing with little if any
surprises then ask your lender, before you write up a
contract, who they prefer to close with. It will save
you time, money and stress. v
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