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Julio Pasos, Home Buyer in Miami, FL

In REO property, seller selects Title Co. Info on Title Co shows they are not good at meeting closing dates, what remedies do I have if that happens

Asked by Julio Pasos, Miami, FL Thu Jun 24, 2010

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Julio,

If you feel that the title company will not adhear to deadlines, inform the seller you want to select the title company and you want a credit from them for what they would have paid their own selection.

Title insurance is a formula that all companies use and I believe it costs the same, its just who pays for it. YOu may also inform the title companyt that if they can not meet the deadlines of the contract to inform the seller they cant do the closing.

Sincerely


Kevin Cloutier
Southern Premier Realty
2 votes Thank Flag Link Thu Jun 24, 2010
You may choose to use your own title company. However, the seller might then say you will pay for your own title policy. Still that will not warranty a closing on time assuming the delays relate to:
A. The mortgage / loan
B. Foreclosure documentation errors
As Randell said, the cost of a great deal might be closing a few days later.

Tony Vega
Charles Rutenberg Realty

http://www.SearchKissimmeeHomes.com
2 votes Thank Flag Link Thu Jun 24, 2010
They generally close within a reasonable time frame,, dealys occur mostly because of title issues, which in most cases the seller is paying for. When bottom fishing, which is what buying an REO is all about, you need to maintain flexibility in exchange for getting a good deal. The title company does not get paid if they do not close, their goal is to close. A more important question would be to be sure you are not over charged by the title company.
2 votes Thank Flag Link Thu Jun 24, 2010
ll banks will counter yoru offer with teh seller choosing the title company, if you are getting a mortgage, your mortgage company will demand who you use to close the sale. Often time you can counter the bank with you selecting your title company which will work with the sellers attorney, often time teh sellers attorney will furnish the title report to the buyers attorney.

As far as closing, some banks are better than others about meeting the dates. The biggest thing is to make sure your title company and mortgage company gets them the hud and closing docs the specified number of days before closing (usually 72 hours) so they can approve, sign and return to your closing attorney.

failure to do so will cause a delay in your closing.

The other proble is teh bank getting the signed deed back to your closing attorney in tinme for closing. They usually ask for 72 hours with this as well, i recomend asking at least 14 days prior to closing for teh signed deed.

good luck with your closing
Web Reference: http://www.ScottSellsNH.com
1 vote Thank Flag Link Thu Jun 24, 2010
The Title Company will be held harmless for delays. I don't believe that as a buyer, you have any recourse.
0 votes Thank Flag Link Thu Jun 24, 2010
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