Real Estate WEALTH Magazine Real Estate WEALTH Magazine - DOWNLOAD IT HERE! - Page 68

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/offer, 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 first. It is 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 PAGE 68 • 2017