Home Selling in El Mirage>Question Details

ahwatukeeski…, Home Buyer in Upper Marlboro, MD

Help with this title company change and other info please.

Asked by ahwatukeeskies, Upper Marlboro, MD Mon Jan 21, 2013

Why would the buyer want to change title companies if they already signed the offer? My realator didnt adendum anything I asked for, but this one he did and hes pressuring me to signing by 1/22/13 tomarrow. He put a 2500 consultation into the mix and a 9% commission. Should I fourgo signing and let someone else do this? will I incur a fee from him if I dont sell with him? thank you

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H Ahwatukee Skies:

It is not that unusual for the buyer or the buyer's agent, more likely, to want to dictate which title company is used. They might just feel more comfortable with a particular title/escrow officer. It does impact your fees, though, so you might want to compare title company fees before you agree or not.

As to the fee and 9%. Extremely high for this market. Realtors lost a law suit many years ago which means they are not suppose to have set fees. Reality is, most start with the idea of splitting 6% amongst them, so for yours to have 9% AND $2,500 seems out of whack. I have a few good realtors I could put you in touch with, who could give you a better sense of what the going rate would be. A bit late in the process, but you should always shop around for a good realtor. They vary greatly in their level of professionalism.

Good luck.

Bill Parker, Loan Officer
AZ Lic# 09011570
NMLS #223607
CPA--Licensed, no longer practicing

GenCor Mortgage Inc.
15730 N. 83rd Way, Suite 103
Scottsdale, AZ 85260
(O) 480-525-8496, EXT 743; (M) 602-565-3646; (F) 480-436-5226
EM: BParker@GenCorMortgage.com
Website: http://www.GenCorMortgage.com
LinkedIn: http://www.linkedin.com/in/billparkercpa

MISSION STATEMENT: To create an unbelievably enjoyable experience for my clients, while guiding them through the most important financial transactions of their personal lives. My clients know me as their Mortgage Lender for Life. I truly appreciate your referrals.

If you think it's expensive to hire a professional to do the job, wait until you hire an amateur.
Red Adair, Oil well firefighter
0 votes Thank Flag Link Tue Jan 22, 2013
Hi there,

Without knowing more about the specifics of your situation it will be difficult to tell the reasons behind the change in title company.

In regards to the consultation fee and commission, you need to decide whether you want to pay that or not. We don't know what he did to sell your property. What costs did he incur in marketing it. So the fee and commission may or may not be fair.

One option that you have is to talk with another agent. At minimum this will give you the opportunity to compare fees and commissions charged. If you do decide to do it, please remember that each agent has an specific strategy to sell their listings. So take that in consideration when evaluation their services.

I hope this helps.

Jose Dias, REALTOR
(623) 418-5700
Jose@MyFirstHouseAZ.com
http://www.MyFirstHouseAZ.com
0 votes Thank Flag Link Tue Jan 22, 2013
Hi Ah:

The only way to find out why they wanted to switch title companies is to ask. There obviously is a reason.

However, if sounds like there is not yet a signed contract, so nothing is binding yet.

Regarding the fees, we in this forum, do not know what kinds of services are being provided or anything else about the transaction. So difficult to answer.

I would ask your agent and/or broker to be sure..
0 votes Thank Flag Link Mon Jan 21, 2013
Hi, thank you, contracts were signed. Do I now ask for a new HUD or is the same one used? Thank you
Flag Tue Jan 22, 2013
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