Nb, Home Buyer in Arlington, TX

Need help before signing the Counter Offer/Addendum of a Foreclosure House in DFW area please!

Asked by Nb, Arlington, TX Sat Apr 2, 2011

Hi again, I 've deleted my qs by mistake, so I 've to post again. Hope my Qs 'd be recalled. I put time line of what happened this time.

Here the details:
We 're a first time buyer. We submit the final cash offer on Mar 30,2011and had been accepted on same day as shown on the Counter Offer/Addendum from the Seller/Bank(Aurora Loan Services LLC in Littleton CO. ). However,we had been informed verbally by phone ~ 10-11am EST and got the papers via email ~ 4-5pm EST. on Fri,Apri 1,2011 from listing Agent/Broker(we don't have our own agent. In the past, this bank gave us 3 days to signed the Counter papers, this time the deadline is by Sun, April 3, 2011. Bank has chosen the title co.(LSI Agency Inc. in Houston Tx) for closing.

Concerns/Qs :
1.Is this title company reliable/trustful?-- I found negative reviews online that bother me.
2.Can I choose the title co., if no please recommend.
3.Does bank count weekend as a business day.? --only 1-1.5 days left

Thanks

Help the community by answering this question:

Answers

4
Previously I answered your deleted question http://www.trulia.com/voices/Home_Buying/removed-279328-p_1-… and mentioned a few things.

RESPA (Federal law) says that whoever pays for the title policy gets to choose the title company. If you don't like their suggested (licensed, bonded and regulated) choice of escrow agent, then you can choose a different one IF you are paying for the title policy premium. In fact, if you're paying for any portion of title insurance, you the buyer can pick the title insurance carrier, such as Stewart Guaranty, ALTA, etc. Remember it's not the title company, but rather the insurance carrier that protects you after closing.

Title companies have several responsibilities: escrow agent, title insurance agent and closing agent.
-As escrow agent they hold monies in a neutral fashion and disburse it according to law and the contract documents.
-They research claims against the title and identify any that must be cleared for deed conveyance. They issue a title insurance commitment from an insurance carrier, identifying what the insurance will and won't cover.
-They get signatures on the deed and so on plus notarize them to close the transaction, pay off any claims that are required from the funds they received, record any required documents like the deed, and disburse the funds remaining to the seller.

Because all title companies are regulated in Texas by TDI, if they commit some violation, you have the government to turn to and they don't mess around. You may or may not be pleased with their service - without much experience with them I can't comment. Service can include answering phone calls, keeping to scheduled appointments, and just being pleasant.
As with everything you read on the Web (including this), take it with a grain of salt. People can get angry over the slightest hiccup and launch a tirade on the web, flaming the supposed perpetrator.

Now that you have clarified that the counter-offer (usually marked addendum) arrived on Friday 4/1, then you count from that time: 1 day is Saturday, 2 days is Sunday and 3 days is Monday. But, again, most banks aren't open on weekends and they may be counting only business days -- it's what the counter says that matters. If it's business days, then Monday is 1, Tuesday is 2, and Wednesday is 3. You have to read the counter-offer to see what they mean by 3 days - not our opinion or how banks usually count weekends and holidays. We can't see the documents you're reading.
Web Reference: http://www.SumnerRealty.com
2 votes Thank Flag Link Sun Apr 3, 2011
This title company can be tough to deal with in my experience and you have things working against you ...such as the title company not being local. Believe me it matters. The problem is the bank/lender will likely dictate the title company. You don't want to close with them, you don't get to buy the house. That simple.
Weekends and holidays count in most cases, but could depend on your contract.

Please please get an agent, get them involved. You need one before you ever even bid, even on a foreclosure, perhaps especially on a foreclosure.
1 vote Thank Flag Link Sun Apr 3, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
The laws where the transaction takes place are used, not the laws where the seller keeps an office, unless you agree to abide by the laws of that location.

It is irrelevant if buyer or seller are located outside Texas, unless they both agree to use some other venue's laws.

If you're not sure what you agreed to, you need to read the contract again, and if in doubt, consult an attorney.
Web Reference: http://www.SumnerRealty.com
1 vote Thank Flag Link Sun Apr 3, 2011
Here the link response I got and my further questions.

http://www.trulia.com/voices/Home_Buying/removed-279328

Please help answer.

Thanks a lot for every help. I appreciate it.
0 votes Thank Flag Link Sat Apr 2, 2011
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