Foreclosure in Reading>Question Details

Shark567, Other/Just Looking in Reading, PA

Can a Title Company charge a fee in additon to the title insurance for the processing of short sale properties due to the additional time and?

Asked by Shark567, Reading, PA Fri Jul 9, 2010

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Title insurance rates are mandated in our state, and recordation fees are not "marked up". However, it is common to see varying charges for title examination/review/abstract, etc. as well as varying fees for doc prep, etc - so ask for the fees upfront and ask questions of the title company. I have no doubt that companies are dealing with these more time consuming files by increasing charges in other areas.
0 votes Thank Flag Link Thu Aug 19, 2010
No. AND we are realtors do not either, even though we spend twice the time to earn less money!

Debbie Albert, PA
Coldwell Banker Residentail
0 votes Thank Flag Link Sun Jul 11, 2010
NO

Thom Colby
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END a Transaction in our Brokerage as it is not beneficial to the Seller or the Buyer, but only to the Agent.
888-391-5245 Direct Cell
0 votes Thank Flag Link Sat Jul 10, 2010
Title compnies don't like short sale in general because it adds risk to there process. They are concerned that everything has been recoreded and that there are no outstanding issues that may pop up later after they place the title insurance policy. So it is not usually time but risk and research.

Keith Manson
First Weber Group
Certified Distressed PRoperty Expert
Metro Milwaukee

http://www.milwaukeebailout.com
0 votes Thank Flag Link Sat Jul 10, 2010
I am not familiar with PA title fees, however in NY, there are additional charges, other than the title insurance itself, for municipal searches. If the original searches were done, and a long period of time went on, they may have done a number of continuation searches to keep the title updated. At closing, they would most likely charge for the cost of the different searches. The title company often does not send their own people out to search the town records, but pays a search company to do that for them.
0 votes Thank Flag Link Sat Jul 10, 2010
Not in our area. Title insurance and recording of the deed are fixed. It does not matter if it is a short sale, foreclosure or regulat buyer/seller sale.

Debbie Albert, PA
Coldwell Banker Residential
Web Reference: http://www.ronanddebbie.net
0 votes Thank Flag Link Sat Jul 10, 2010
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