Buying or Selling a Home/Title company

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Expert: - 2/26/2011


Question
Hello, we r buying a bank owned home. Closing is set for Monday. About 10 days ago, i asked a question to title company lady that if she is related to this man who his name was in HOA covenants. She ignored me with a twisted answer. I got suspicious and asked again. She did not answer me for a while. I asked again and she said "yes, Robert is my husband but has nothing to do with this transaction". So i asked her again same question and said "well, his name is in HOA covenants, is he HOA member or anything to do with this subdivision or" She ignored me a few more times and gave me phone number for HOA to ask any questions I have. But i kept asking her why her husbands name is in HOA covenants and just a few hours ago she dropped the bomb and said that "yes, my husband is in HOA and HOA member, he is also one of the 3 subdivision builders". Well, after her honest answer after 10 days and after our four e-mails made us suspicious about this title company because we wonder why did not she disclose this relationship in the beginning to us and when we asked, she answered us with twisted answers and she finally answered us after so many times we asked and finally she answered us just the weekend before the closing. We do not feel good with them and would like to close this transaction with different title company but do we have a chance to do it right two days before the closing specially it is weekend? If we dont close with this title company, can they still charge us? Thank you.
PS: We also asked her a question about the survey charge and her answer was "you signed for it, you responsible for it!" which we felt so rude answer. Thank you for the help.

Answer
I'm not sure I really understand your question.  Typically lenders "require" you to use the title company of their choosing when you contract one of their homes.  You can try to move the transaction to a different title company, but the lender/owner may refuse. I suggest you contact your real estate broker and have them handle it.  

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Jay Denit

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I'm a Real Estate Broker/Loan Consultant in the state of Colorado. We have a separate foreclosure investing company, so I'm more than willing to answer any Colorado foreclosure questions for both the home owner and investor. I have sold bank owned homes all across the country for all of the big banks. I'd be happy to answer any questions about buying or selling residential homes and specialize in luxury estates. Furthermore, I have some experience in land acquisition and development and know a touch about water rights. We are a licensed lender in most states, so I can answer general questions about all types of mortgages.

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My experience is really anything that has to do with real estate. From buying and selling to investing and foreclosure, I’ve done it all. Being able to handle the acquisition and financing under one roof gives me the intimate knowledge of all facets of property conveyance. My foreclosure/bank owned property (REO) experience gives me the problem solving mindset to always find a solution.

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BARA- Boulder Association of Realtors NAR- National Association of Realtors CAR- Colorado Association of Realtors

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Xavier University-- BSBA Finance Colorado State University-- Professional Certificate in Project Management

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