Comment

Comment by Michael Hayley on September 30, 2011 at 5:29am

Chris, do you charge agents for title searches? If so, what is the typical fee?

Comment by Thom Colby CA Brkr 888-391-5245 on September 30, 2011 at 4:19am

@Michael - Looks like you're in CT...  Do you have to PAY for Title Prelims?  WOW!  In CA and TX we do not.  The "Big 4" Title Companies provide at no charge and update as needed at no charge.  I agree with you, if I had to pay for them, I wouldn't do it.  I also have direct access to a few of the big Title Companies "Plant" so I can do basic searches for myself.  It's interesting how things differ from state to state on basic stuff !

 

Best,

Thom Colby

Broker

Newport Beach CA

Comment by Michael Schneider on September 30, 2011 at 4:07am

@Chris Agreed, absolutely, about the value of knowing encumbrances and value.

Re, paying for a title search.  Not cost effective, in my opinion.  Because:

1. Complied databases of voluntary liens are pretty good these days,

2. My clients tell me about virtually every involuntary lien: tax, judgment, mechanics, etc. And, I can usually and easily find the "audit" trail on the judicial records anyway.

3. The Servicers and the Buyers run title searches. 

Here is the real killer for spending this money for me.

The few "intervening liens" I've needed to handle are ones slapped on just prior to closing. Eg, the state "public assistance" lien slapped on my insolvent, disabled (pro bono) sellers, one week prior to closing.

A title search is not helpful for this, as the earlier notification is by at most a few days and does not change the task or the outcome anyway.

My advice: Use the electronic, judicial, municipal, complied databases effectively, first, before you spend money on title searches.

Comment by Michael Hayley on September 30, 2011 at 3:33am

Wow!, Chris. What an idea.

Comment by Chris Black on September 30, 2011 at 2:52am

Kelly, et al.,

I recommend to all of the realtors who work with us on short sales to ask us for a quick search of the public records even BEFORE you take the listing.  I like to arm them with as much data as possible for a number of reasons.

First, they are able to make a more informed business decision about whether the listing is even worth pursuing.  For example, if it's a low value property with myriad title issues, it may not be worth the while (although I'm never one to turn away business just because of a little challenge!).

Second, walking into a listing appointment knowing what you're up against really sets you apart from the competition.  Wouldn't you agree that going to the listing appointment knowing which lenders or even investors are involved would wow those potential clients.  We actually generate customized introductory packages for those agents to take with them so that the sellers will know exactly what is expected of them.  What's more, having that information from day one allows you to counsel your clients - potential or actual - with regard to proper expectations.  To wit, having this information in hand will allow you to talk knowledgeably (based on your experience and the wealth of info avaialble here and elsewhere) about what the sellers may expect in terms of future liability language, the likelihood of a request for a prom. note or cash contribution, timeframes, etc.  This really is invaluable stuff in my opinion.

Best,

Chris Black

Attorney

Winged Foot Title, LLC (serving all of Florida)

P:  (239) 985-4142

E:  [email protected]

W:  www.wingedfoottitle.com

B:  www.homeclosingprocess.com

T:  www.twitter.com/wingedfoottitle

FB:  www.facebook.com/wingedfoottitle

Comment by Cami Pinsak on September 29, 2011 at 5:44pm

At listing. Every time!

Comment by Thom Colby CA Brkr 888-391-5245 on September 29, 2011 at 5:30pm

As soon as you get the Listing, order a Prelim and get it updated every 30 days.  Unexpected Liens typically show-up - especially IRS liens that the seller doesn't come clean about....  Best of luck !

Comment by Kelly on September 29, 2011 at 5:28pm

How many of you order a preliminary title report when taking a listing or at least when you receive an offer?  Or do you normally wait until after approval and then negotiate the liens or judgements if any are found?

 

Comment by Napua Lucas on September 29, 2011 at 3:36pm

Thank you for your input.  I will give them what they want if the buyer's agent and buyers go along with it. 

As for BofA Twitter dept.  that is the best thing going for BofA.  They get it done!  Why can't their other depts. take lessons from them and learn how to delve into a problem and quickly resolve it.

Comment by Thom Colby CA Brkr 888-391-5245 on September 29, 2011 at 3:06pm

Joe is correct.  If they ask for something, as long as it's no illegal or unethical - just say: Yes sir, or ma'am and do it....  I had one ask me for a re-signed Listing Agreement - not a new one - just the original re-signed / initialed and dated alogn with the original signatures - "Yes Sir, I'll get that to you in an hour...."

 

Actually, BofA is getting much better.  I actually spoke with someone who called me from a Tweet about another issue and he told me they want us to Tweet on issues we need resolved as much as needed - they want to get the majority of support done through Twitter.

 

They also watch this site to see if there are trends and hope to be pro-active in resolving recurring issues.

 

I tweeted and got a response within an hour.  One of my short sales where the buyer walked away was stuck in a "Marketing" task - they had never seen it before.  Found out it was because they were holding my listing to allow an opportunity to substitute a buyer.  They got it resolved and I submitted the new offer and supporting docs today.  Well see what happens next.  Thank you Don P. at BofA.

 

Cheers,

Thom Colby

Broker

Newport Beach CA

888-391-5245

 

Hopefully - this will work.

 

 

• ‹ Previous
• 1
• …
• 127
• 128
• 129
• 130
• 131
• …
• 353
• Next ›
• Page