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Do you mind if I vent a little......

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Title Insurance

We are closing a Fannie Mae cash deal tonight.  These people are buying a 3 bedroom house for $12,000.00  They have declined obtaining an Owner's policy for title insurance, so basically all my firm is making is the "Settlement Fee".  Do you know, the buyer is fighting tooth and nail about our minimal settlement fee.

YOU ARE GETTING A HOUSE FOR $12,000!  You can't even get a motorized scooter for $12,000 these days.  What could you possibly have to complain about.  If I was charging you $1,000 or something I would understand, but I am talking about $250.  UGH!!!

Sorry, just had to let that out.  Thanks for letting me vent!

Show All Comments Sort:
Linda Tremblay
Long & Foster Real Estate, Inc, PA License #AB065488 - Doylestown, PA
Associate Broker - Bucks County, PA Real Estate Services
A house for $12000?  Is it in the USA? 
Apr 18, 2008 09:51 AM
John Doe
Pittsburgh, PA
Yeah, it is in Pittsburgh.  Granted, it is in a rundown area of Pittsburgh, but I just got back from the closing and the house is in good shape.  Of course it needs some work, but for $12,000 I think it was a steal.
Apr 18, 2008 10:23 AM
Pamela Knight
Urban Knight Enterprises, Inc. - Phoenixville, PA

Dude,

Are you serious? Those kind of people make you want to say some real bad words...vent on..vent on...vent on.  I just got back from a closing with a screaming baby who kept throughing things at me...that little cute monster....my ears keep hearing her screeching cries...make it stop!  Shake it off......you are going to be alright! 

Apr 18, 2008 12:16 PM
Patrick Scott
OConnor Title Guaranty, Inc. - Chicago, IL

Michael, your post is timely.  Do you mind if I direct you to Robert Franco's (Source of Title Blog) current thread on the subject?  I think your comments would be a valuable contribution.  If you, or your readers, would like to visit that discussion on owners policies for a moment, here is the link:

http://blog.sourceoftitle.com/index.php?title=who_should_pay_for_the_owner_s_policy&more=1&c=1&tb=1&pb=1

 

Apr 18, 2008 03:09 PM
Liisa Small
Small Transactions - Reno, NV

wow! its unbelievable what people want from us sometimes.  like we all work for free or something. and $12K, you can't even fill up your car with gas in California for that amount! lol!!

Apr 18, 2008 04:42 PM