I know that we are all dealing with the bank own properties. They all seem to want our buyer to uses their title companies. What i would like to know is what happened to the freedom of choice for our buyers??
With the transaction i am working on now. The bank has it in the agreement that the buyer is to use their title company and they will pay the agreed closing cost and pay for the title insurance. Well this is a great incentive. However, Does this leave much of a choice to the buyer? It kinda make the buyer feel obligated and puts them in between a rock and a hard place. My buyers are choosing not to use their title company. So the bank has sent over an amendment for the buyers to sign.
The amendment reads that : buyer's forfiet any sellers paid closing cost due to request to use own title company.
I can understand them not paying for the title insurance that was not asked for in the agreement. Just a bonus they were offering the buyer if they used their title company.. Now the closing cost are a whole different story. I don't understand why they are getting away with this. We would not treat our clients like this it is unethical to steer them in one direction or the other. Then to penalize them for not doing what you ask.. We are dealing with educated adults and not children. This is just not right....
Debbie
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