I know the market is in a interesting place, but I am just about over the horrid title company choices these lenders and such are choosing. Not only is the customer service minimal at best, the title company fees have seemed to have skyrocketed. Looking at different Hud statements the pricing for title work is all over the board. Not only that, but the listing agents are abiding by the REO lender that the buyer must go with their title company. Hmmm...smells like a Respa issue to me.
This presents a problem...to get the seller to pay for the closing costs of the buyer it is almost impossible to switch to a title company that we as Realtors use frequently and thus have some control over what is going on which includes communication, affordable fees regardless of who is paying the buyers title and just plain old abiding by the dates and what is in the contract.
Frankly, I don't care how many closings a title company is doing...each closing should be individual and unique to the buyer. The closing staff should have their ducks in a row, which most do not.
Lets all remind the listing agents that they should be grateful that they have a buyer and should be most accomodating to that. And, just because the market blows wind for title people and title attorneys doesn't mean that they can and should raise their fees. It is bad business.
PS...if you are a title attorney that transitioned and you are making tons of money hand over fist doing bankruptcy's and foreclosure defense or whatever it is your are doing...don't ask me to send you business when there are struggling smaller title companies that are good at what they do and have affordable fees in the same neighborhood. Go ahead...be mad and pout...lower your fees and we will do business. Also...if I have to cut my commission when doing a short sale and I have done the work and as much work as your firm to get the deal done you betch your behind I will expect you to kick in...my title companies do. And if you don't...and you know who you are...then I won't send closings to you.
So Happy Saturday to all...and would love to hear your horrid title closing experiences of late...I am sure there are a few.
Michele Bee
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