HUD’s New Program Allows Agents to Choose Title Company - Columbus OH

By
Real Estate Broker/Owner with Vision Realty
https://activerain.com/droplet/44Tw

HUD’s New Program Allows Agents to Choose Title Company

Starting October 1, 2013 in the Columbus area, this new program allows agents to pick the Title company instead of using the HUD selected title company. This falls under the new BSC a program which stands for buyers select closing agent. In the past, HUD required their own title, escrow and closing agent company to handle the finality’s on a real estate transaction but now buyers and their agents can choose. Currently, this program is in several counties and states and was just implemented on October 1, 2013 for the Columbus area. It will continue to be implemented across the country and different regions in the future.HUD’s New Program Allows Agents to Choose Title Company

The closing agent is responsible for conducting closings, submitting closing packages and wiring sales proceeds to the U.S. Treasury. This fee is paid for by the buyer and now the buyer and their agent can choose whom to use. This was originally implemented on July 1, 2013 and we are just now seeing the results of that across the country.

Buyers of HUD homes are now able to select their own clothing agents but HUD will no longer offer to pay for the settlement costs. This new program requires an addendum that identifies the title company or closing agent and they must have a HUD issued title ID number. If the buyers choose to use a closing agent who is not registered with had additional information is required including an attached E & O insurance policy, a copy of their state license, and the state regulatory agency license.

So what does this mean for buyers?

Being restrictive in whom to choose to close the transaction can result in frustrations and added fees that are unnecessary. Now that the buyer and their agent can choose a closing agent of their choice, buyers can potentially save money and feel more comfortable when purchasing HUD homes.

 

For more information on buying and closing homes in the Columbus Ohio area called the offices of Vision Realty today.

Posted by

columbus, lewis center and gahanna real estate

Columbus Ohio real estate - Vision RealtyAs a certified Realtor® for the top-rated Columbus Realty Firm - Vision Realty, with 32 years of dedicated real estate experience, I can help buyers, sellers, investors, short sale sellers and more find, sell or invest in the right property, at the right price, at the right time. Contact me anytime for updates and information on the Columbus OH Real Estate market.

 

Donald Payne - Vision Realty, Inc.
4608 North High Street

Columbus, OH 43214

Toll-free: (866) 510-2223

Cell: (614) 323-4348
DonaldPayne@VisionRealty.com
Follow Me on Pinterest

LinkedIn Donald Payne Twitter Vision Realty - Donald Payne Vision Realty on Facebook Vision Realty YouTube Listings Vision Realty Columbus OH real estate search
close

Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Joe Jackson 10/01/2013 09:43 PM
Topic:
Real Estate General Information
Location:
Ohio Franklin County
Groups:
REALTOR LIFE
Local Expert
Real Estate Trends
Advice for Sellers
Advice for Buyers
Tags:
buyers agent
hud homes
columbus ohio
real estate
closing agent

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
2,011,173
Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

I am so glad this as changed as the local HUD title company in Columbus did not offer good service

Oct 01, 2013 09:40 PM #1
Rainmaker
407,009
Graziella Bruner
NCS Premier Real Estate - Detroit, MI
Associate Broker - Serving Wayne & Oakland County

That's good news, not every Title Company is worthy of our services.  We have to choose those who can produce results and help our clients.

Oct 01, 2013 11:46 PM #11
Rainer
311,619
Jimmy Faulkner
Florida. Homes Realty & Mortgage - Wantagh, NY
The Best Of St. Augustine

That is good news for the title part of the transaction but when are they going to allow and agent to represent both the buyer and seller. Why does it take so long  for the government to get it.

Oct 02, 2013 08:35 AM #12
Rainmaker
365,289
Woody Edwards
First Choice Realty, Inc - Chesterfield, VA
A Realtor® Who Answers His Phone!

I am located in Virginia, where the buyer has always had the option of using the HUD attorney or their own.  It is a paragraph in our contract that states the buyer has the right to choose........

Nov 14, 2013 10:26 PM #13
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
197,061

Donald Payne

What's your Vision..
Ask me a question
*
*
*
*
Spam prevention

Additional Information