WHY NOT USE LOCAL TITLE AND ESCROW COMPANIES ON REO's?

Great topic , this would be a huge improvement if this were to take place and we would get better service.

My opinioni s there are contracts and contacts which are made with the title companies at a corporate level, and then trickled down to certain offices to handle the business.  We have been successful to use our local NATCO office on several of our transactions.  Funny...they get done quicker, better, and for the same price!!  However, it is a "political issue" at a corporate level.  We could save quite a bit of money just in fed ex and mobile notaries, not including the local knowledge for some items such as garbage liens, and other peculiarities of an area. Coming from a Fortune 500 corporation business background, I know and understand how this happens, I just may not agree with it.

I'd like to see that happen too. Hey--asset managers---where are you?

This is something I have wonders too, especially when the title company is a hundred miles away. I had a recent REO where the escrow company overnight to the lender and expect them to disburse when they are the buyers lender??? Made us all very uncomfortable.

Rudy,

I have found that most of the asset management companies assign the closing to the law firm that handled the foreclosure originally. I think their theory is that they can just update the title rather than order a complete new title search. Or they have some kind of contractual relationship that saves them some $ on the costs.

Mine usually end up at law firms in Philadelphia, about 90 miles away.

This is a very good question that I would love to hear an answer to. I am in northeast Tennessee and for some reason every single one of my reo closings go through attorneys in Memphis which is over 8 hrs away. I have had this happen with several different asset management companies. They all seem to work with different title companies and atty's out of Memphis. And the kicker is most of the asset managers seem to think we can close at their attorney's offices, at which time I have to explain to the asset manager that it will not be possible due to the distance. I think sometimes that they just see that their attorney is located in the same state as the property and don't realize how far the distance really is from the property. It would make things a lot easier if they would use a title company or atty from the actual area the property is located in. It really would benefit all parties involved as the local title companies and atty's will be more familiar with the local counties should something come up in the title search plus fires could be put out quickly if something goes wrong.