Home Buying in Los Angeles>Question Details

exc3ll3nts, Home Buyer in Los Angeles, CA

using an escrow company out of state?

Asked by exc3ll3nts, Los Angeles, CA Sat Nov 13, 2010

It is common for a seller to use an escrow/title company out of state for a REO purchase? Thanks

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7
Definitely not common. Real estate transactions involve lots of laws and regulations, to ensure all are followed properly you need experienced local company to handle every situation properly.
0 votes Thank Flag Link Sat Mar 10, 2012
I personally don't recomend using an out of state escrow/tittle unless the REO purchase is out state as well. I feel more confortable with someone local that understands the ins/outs of the transaction.

Good Luck!
0 votes Thank Flag Link Sun Nov 14, 2010
Dear Exc;
The better question is: are they licensed/ bonded/ insured, and who is the governing entity in the state/ country in which they work. How would you file a complaint if you needed to? Are they truly "neutral", or are they just an arm of the bank from which you are purchasing? Are their fees competitive with other (local) escrow companies? Will the seller be paying comparable fees to the buyer, or is the seller's rate discounted at the expense of the buyer? (Yes, this DOES occur.)
The reason laws have been passed that prohibit sellers from forcing the use of their escrow company upon the purchaser is because there have been less-than-neutral transactions that have occurred.
Please investigate FULLY before selecting an escrow company.
Deborah Bremner
The Bremner Group at Coldwell Banker
REALTOR, 00588885, ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
(D) 818.564.6591
http://www.thebremnergroup.com/news/
0 votes Thank Flag Link Sun Nov 14, 2010
It is most common to use a local escrow company. Most items are handled electronically but your realtor probably has someone they know to be reliable and able to get the transaction closed before the REO deadline. And some lenders will cover part of the cost if you use their escrow who knows their system and those tend to be local.
0 votes Thank Flag Link Sun Nov 14, 2010
I don't think I'd let the location of the title company to worry you. You may even find that the out of state title company has a branch office in LA or fairly close by. Check to see and if there is they may do an accommodation signing for you.
0 votes Thank Flag Link Sun Nov 14, 2010
Yes, very common! Most bank are out of state. Transaction are mostly completed via emai or fax and sometimes courier service.
0 votes Thank Flag Link Sat Nov 13, 2010
Hi there,

When an REO is sold in Southern California, is is more common for an in-state escrow company to handle the transaction than an out-of-state escrow or title company.

John Barry
DRE #01856079
Coldwell Banker Residential Brokerage
Cell: 323-810-7976
Email: john.barry@coldwellbanker.com
Facebook: http://www.facebook.com/RealtorJB
Twitter: @RealtorJB
0 votes Thank Flag Link Sat Nov 13, 2010
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