You Have A Choice

Do you have an escrow in process with a bank owned property that your buyers did not have the choice of the title and escrow company?



I have conversations everyday with agents that are in that position. Problems such as lack of communication, delays in title reports, demands not ordered for homeowners associations and overall lack of service are common issues. The volume these offices are dealing with is overwhelming and it shows. I have even had a few agents tell me the escrow officers are sending the signing package directly to them to coordinate the signing. I'm sure you as an agent want to avoid these problems when representing a buyer.



Did you know your buyer has the choice no matter who pays for the title and escrow fees?



Here's the exact verbiage from the Department of Insurance:



"The choice of which title insurer to use belongs to you. Federal law, the Real Estate Settlement Procedures Act (RESPA) of 1974 (Public Law 93-533), prohibits the seller from requiring you to purchase title insurance from any particular company."



The next time you write an offer on a bank owned property be assertive with your right to select the title and escrow company. In the best interest of your buyers choose Old Republic Title, Glendale where you will receive top service, competitive rates and a competent closing.



I understand it is difficult to change the industry practices so if you do have an escrow on a bank owned property here's a few tips:



* Make sure your buyer is receiving the enhanced CLTA title policy for extra coverage.

* Check the demands on utilities and homeowners associations to insure proper perorations.

* Have Old Republic Title, Glendale act as the signing service to insure your buyers understand what they are signing. Mobile notaries can only notarize the documents not answer the question your buyers may have.