I often find it hard to impossible in my experience dealing with the bank when it comes to getting control of the closing agent. They always tell me that the bank always uses there own closing agent and that it’s non negotiable.
What line of reasoning must you use in order to take control of this issue and the bank will give way to what you want?
Please let me know what you are doing to beat them in this area?
Bashir,
Why would you want to do that?
Why would I want to use my own closing attorney?
Yes why?
What are the advantages of getting your own vs using the banks?
I ask because I don’t know since I have yet to close on a deal so I’m clueless as to it all.
It’s advantageous for an investor to use a closing attorney/title company that understands the methods that you use to close deals.
Just to give an example, some closing agents have issues with simultaneous closings and some understand them enough to where it’s not a problem.
When you lose control of the closing agent you could end up with a closing agent that doesn’t understand what you are trying to do and it could cause problems in your deal.
With banks you don’t have much of a choice however. They usually will require you to use their closing attorney.
Just because the bank uses their attorney, you are not precluded from using yours. I bought an REO a couple years ago where the bank did their half of the settlement with their attorney, and I did my half of the settlement with my attorney.