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More on Foreclosures

theifmichiganlakesI have often written about different aspects of foreclosures,  but as with the subject, there always seems to be a new quirk.

As with intuitional sellers, during the offer/counter offer process, they will have an addendum to the buy/sell agreement that will consist of many pages of verbiage that will slant in favor of  the seller.

One of the typical requirements will be that you accept their title company as the closing agent. Well, why not you may ask? Are not all title companies the same? Are there fees and services very similar? No!

Recently an offer was accepted by the former lender. They required the buyer to use their title insurance agency as the closing company, which happened to be an out of state company. As the custom, the date and location was determined and copies of all the paperwork were to follow.

The closing documents were received. Upon our review, the closing fees charged by the escrow company were shockingly high. In fact outrageous! Highway robbery! And, thatís putting it mildly.

After getting my blood pressure back in check, I decided to confront the thieving escrow company.  They quickly, and without any hesitation, cut them the fees in half. Thanks should be in order? No way, they are still twice as high as typical charges. From now on, a call to unknown closing companies for their fee schedule will on our list of things to do.

Written by Dave.