Using the Bank's Title Company with Bank Owned Propeties
This is the second time that I have been bit by using the company that the bank and listing agent would like to use when it comes to buying a foreclosed property.
Most banks are willing to purchase the owner's title insurance policy so long as you close with their title company. The problem is that their title companies are so overworked that they can't get anything done. I just spoke with the closing agent for a home that I was supposed to close on over a month ago now and she told me that she has given up.
Do you want that when you are trying to purchase a home? A title agent that has just given up on trying to get you into your home? My clients don't like it either.
Unfortunately for both parties in this case, my buyer is slated to leave for Iraq this coming Friday and has decided to no longer sign any extensions to this agreement. He doesn't want to leave his wife to deal with the entire purchase on her own.
So what can we learn from this situation? Use a title company that you respect and trust when representing the buyers. Don't go to the bank's choice as it will cost you more in the end.
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Jason Tangen - GRI, e-PRO - Real Estate Broker Associate with Edina Realty in St Cloud
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