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Who chooses Title and Escrow Company in a short sale?

If buying a short-sale do I choose the Title company or does the bank approving the short-sale get to pick? Thanks for clarifying.
  • May 04 2009 - Longwood
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Answers (3)

When you made your offer did you use a licensed real estate agent or an attorney?  Did they use the FAR or the FAR/BAR contract?  In both the issue of title insurance - who choses who pays is addressed and negotiated on up front.  The seller normally pays so they normally choose in Bay County - but each area the traditions are different.  Hope this helps
  • May 09 2009
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Typically in Seminole County, the seller will choose.  However, all contracts are negotiable and you may be able to save some cash by manipulating the contract in your favor when it comes to who chooses and who pays what title fees.

For a free, no obligation quote, check out www.newurbantitle.com/quote.php.

Or feel free to give us a call.  We have a Lake Mary office as well.
  • May 05 2009
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Depends on the laws of your state. In Minnesota you can pick whomever you want to do the title and closing work.

When banks want you to use the same title company as the bank, they are doing so because they've gotten discounts on their end of expenses. It may or may not be less expensive for you to use their title company. Banks may also feel that having one title company handling the whole transaction will speed up the transaction.

I was the listing agent for one property last summer that was bank owned. The banks title company was the absolute worst title company I've ever worked with. It was only the sheer grit and determination of the buyers title company that got the transaction closed in a nearly timely fashion.

In any event, don't be afraid to get estimates from multiple title companies as to the cost of title services. And if you are buying title insurance, make sure it's a reputable company and not 'bobs title insurance'.
  • May 04 2009
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