I’m a novice to real estate. When it comes to selling contracts to other investors; who is responsible for providing a title company to do the close?
What is a reasonable fee from a title company to do a closing?
You always want to control the process by using your
Title company. If you don’t have a relationship with one, do that right away. Have more than one to compare costs and fees. Let them know you’re new and the good ones will help you.
By using your title company they will protect you from any unreasonable requests from the buyer.
The fees vary by state. Compare several title companies. As you do multiple contracts with one office, ask them to lower the fees.
Just be careful as a LOT of title companies are not very investor-friendly and/or investor-savvy. I called a local title one time and inquired about Sub2 closings and the rep said they were illegal - LOL! Just recently, my agent said she contacted another local title company and the person told her owner financing was no longer permitted in Texas. What the …!!! It’s probably best to network with others in your local REI club - they’ve already been through the trial-and-error process with many of these so-called knowledgeable people.
You’re right, many think all investors are crooks! Here in California the title companies are so worried about being named in a lawsuit that they refuse to do a deal when the homeowner transfers title to another party(investor).
Complaints from homeowners have gone to Washington and State capitols,getting lawmakers to write up laws against investors to protect homeowners.
As investors, we must "police our own " to weed out the bad guys, who hurt us all.
Go to investment club meetings for referrals.