Looking at buying a home in Las Vegas. How to judge the quality of the title company? Are there some that are recommended and some to avoid?

Asked by Jane, Henderson, NV Tue Feb 1, 2011

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Valerie Edwa…, Agent, Las Vegas, NV
Tue Feb 1, 2011
BEST ANSWER
Although traditionally the buyer decides which title company is selected but under most circumstances that does not apply to the market that we are in right now. Hence, don't waste your time worrying about title companies for the following reasons:
1. If it is a bank owned (REO), the seller will decide which title company you get to use. They banks sell in bulk, hence they rightfully get a discount. If you want to purchase the bank owned home (usually at discounted prices, you have to play the cards that are dealt by the bank. The only exception is if you want to select escrow, than you will be required to pay the seller's escrow costs (if they even allow it.)
2. If it is a short sale(SS) that you are purchasing, the listing agent has already HAD to select escrow company in order to get a HUD so that they can submit it to the lien holder and start the negotiations for the short sale. Again, you will have little to no choice at all. Why would the escrow company agree to start helping with paperwork to only get dropped once the buyer enters the game at a later time.
3. Even if the home you wish to purchase is not an REO or SS, many listing agents still start the process with an escrow company in order to get a prelim & HUD done for the seller. This way the listing agent can be better informed of what they have listed and that it is capable of selling-no hidden liens, no additional sellers on the deed that they weren't told about.....

Clearly, the chances of you selecting escrow is slim so....to borrow a phrase from a singer "don't worry about it-be Happy!"

Keep in mind that most escrow companies operate the same way but you are absolutely right to conclude that some are far less efficient than others. There are some that i really have to bite my lip when dealing with them but in the end, if the agent is diligent with their follow up...the job gets done with less of a headache.

Your important decision should be, which agent you will select. Find one that makes you feel comfortable asking LOTS of questions. I would plan on asking every question under the sun to see if the agent answers them in a way YOU understand without making you feel stupid or a nuisance to him/her. Ease in communications (both oral and in writing) will go a long way to make your experience a positive one. If the agent can't communicate to you in a satisfactory manner, what would lead you to believe they can successfully communicate with listing agents, escrow, inspectors, lenders....

Hope this helps. Best of luck and of course it you wish to talk more, you are welcome to email, text, or call anytime.

Valerie Edwards, REALTOR
ABR, RRG, SRS, SFR, SRES, RSPS, GREEN AHTOM
PREMIER Real Estate
(702) 371-5533
INFO@AgentValerie.com
0 votes
Len McGuirk, , Las Vegas, NV
Thu Feb 3, 2011
Jane,

Each agent has their own preferences on who to use for a title company on their deal. Like many said below, the seller's agent typically has the say on who they want the deal to go through, however some buyers do have the choice in some deals in this market. I prefer Julie Sorrels and her team at Ticor Title. I have worked with them for several years and They do a great job for me and my clients.

If you would like to work with me as your agent, please feel free to call me anytime to discuss your situation. I am a full-time Realtor and treat my clients with excellent service. Real estate is my life and I am great at what I do.

Len McGuirk, Realtor
Prudential Americana Group
Direct: (702) 203-6688
LenM@AmericanaGrp.com
Web Reference:  http://www.LenMcGuirk.com
0 votes
Julia St. Ma…, Agent, Las Vegas, NV
Tue Feb 1, 2011
Hello Jane....
In this current market it is quite customary for the seller to select the title company as there is a good amount of upfront work to be in place for the sale of a property in the case of shortsales and REOS.

I have found that we have very wonderful title companies in Las Vegas {Fidelity, Ticor, Equity, Lawyers, National & more}
For the most part all of the title officers are excellent facilitors and please note that the title company is a third unbiazed company that carries out mutually agreed upon instructions of the seller and buyer. I find that their escrow and title fees are quite competitive also.

Should you or your friends/family have any Las Vegas real estate needs or questions, please feel free to contact me at anytime....
Thanks and have a great day!

Julia St. Marie, ABR, RRG, RSPS
Realty ONE Group
Certified REO Specialist
Direct: 702-355-H-O-M-E (4663)
Office: 702-898-0101
Email: LVRealEstateLady1@yahoo.com
Web: http://www.LVRealEstateLady.com
Video Newsletter: http://realtytimes.com/REUv/LVrealEstateLady
0 votes
Danya Gresham, , Las Vegas, NV
Tue Feb 1, 2011
One thing to remember is this. Title insurance and escrow are actually two different things. They're not usually separated (usually the escrow company that is agreed on is used to write the title insurance). By law, the seller cannot dictate the title insurance. Actually, they can't dictate the escrow company either, but everyone below is correct. Unless you have a big burn to try to use one different from what the seller (especially with a bank owned property) is asking you to use, I would go with what the seller wants, at least for the escrow company.

Now, that being said...if you're going to push for a separate title company to write your title insurance, be prepared that if the seller was willing to pay some of your closing costs, you’re not going to be able to get them to pay anymore than the title company they would normally use would pay.

The seller's ask for specific title/escrow companies for a number of different reasons. If it's a bank-owned property they have a national account with the title/escrow they're asking you to use and they get discounted rates.

If it's a short-sale, the listing agent has probably asked the title/escrow company to start all the paperwork and may even be having them assist in negotiating the short-sale. They probably have connections and can get what they need quickly from that company. Sometimes in short-sales agents need changes to settlement statements quickly...not getting those when they ask for them can jeopardize the transaction.

If it’s a regular sale, or perhaps an investor selling the property…they may be using the title/escrow company because they’ve had a number of transactions with them and they know the fees that are going to be charged and may even be getting a discount.

The bottom-line is that there are some really good reasons to go with the escrow company that the seller is asking you to go with, but remember…title insurance is separate and you can have whoever you choose write your title insurance.

I’ve worked with NV Title, Ticor, FATCO, and a few others. My choice usually is Ticor but that’s because their office is in the same building as mine and I can get changes to my HUDs fast for my short-sales and they’re totally available.

Good luck and if you have any questions, feel free to give me a call at 702-375-5438 or send me an email at Danya@buyvegashouses.com
0 votes
Mark Fleysher, Agent, Las Vegas, NV
Tue Feb 1, 2011
Hello Jane,

Unfortunately, the choice of the title company is almost always up to the seller, not the buyer, especially in bank-owned homes and short-sales.

I personally LOVE working with Equity Title of Nevada, and Nevada Title Company. The costs are most often very similar, and the biggest difference will be with the specific Escrow Officer, not the company itself.

My agent's and myself use Wendy Shaw with Equity Title of Nevada; she's extremely helpful, communicates very well, has a very pleasant team, is always on point, and is very genuine. Wendy Shaw: 702-202-1111

I hope this helps; please, let us know if you have any more specific questions, or need any assistance with any of your Real Estate needs. Thank you.

--

Sincerely,

Mark D Fleysher, MBA, Broker, REALTOR
The Jack Conley Realty Group
C. 702-291-8186
E. mfleysher@gmail.com
0 votes
Marina Gulak…, Agent, Portland, OR
Tue Feb 1, 2011
In this market many times an escrow company is determined by the seller or seller's agent. You, as a buyer, ca request your own escrow/title company to work with, in that case the seller refuses to pay for certain items bringing buyer's closing costs higher.

I'd recommend Old Republic Title, I've worked with them for a while and don't have complaints, my clients are pretty happy as well. Stay away from small escrow/title companies, those are the ones that don't survive.
Web Reference:  http://www.LVRealDeal.com
0 votes
Tina Encheva, Agent, Las Vegas, NV
Tue Feb 1, 2011
I would recommend Fidelity National Title Company.My escrow officer is Tracy Spigener and her office is at 500 N.Rainbow Suite 100 Las Vegas NV 89109.
She has a number of years experience and always follows up with me right way.
0 votes
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