Can anyone tell me what they pay on average for a title search for a wholesale deal?
The title company I will be using, which is the only one in my area I could find that does simultaneous closings, charges $360 for a preliminary report delivered in less than 3 days.
This seems steep to me, as I was hoping to use as little of my money as possible to get my first deal done.
Can anyone shed some light?
WOW that is high! What State are you in?
I am in Las Vegas, Nevada.
What do you normally pay reoconsultants?
what all does that include? for that 360 price?
I pay nothing for basic title search as a matter in fact I only paid 450.00 for all the title work on the last little condo I bought of course that was only a 36k purchase that appraised for 82k! And this is in Denver!
If you have a good working relationship with the title company (as I’m sure reoconsultants does), they will usually do a basic title search for cheap or for free. Yes, $360 is way high – like reo says, you should be able to get almost all of your title work done for that amount.
Keith
I have been lucky I guess.
I only pay $50 for a title search.
When I close a deal I pay $100 for closing fee.
I of course pay for title insurance and the title company keeps 70% of that.
A $100 closing fee is VERY good! I pay $250 closing fee for my last 2 rental properties and about $280 for my last title insurance policy…
Keith
…
Well I kinda partnered up with my title company. They have held my hand on a few occasions. They outsource the title search so that it doesn’t fall on their OWN errors and ommisions policy should a claim arise. Their actual cost is $50.
My title company has taught me how to abstract my own chain of title. Which judgements stick and which ones don’t. How to run the deed for Metes and Bounds. How to check for ANYTHING that could possibly encumber the property.
I would gladly pay more if they ask it. After all they have a business and expenses too.
If I’m making money I want everyone involved to make money. It helps me to have loyal people around me.
BUT… Don’t misunderstand I DO all of my own title abstracting so I (emphasis on I) KNOW what could possibly haunt me if I buy a specific house. I always have to pay for the title search before I close a deal so I can get title insurance.
I get a 100% reissue credit when I sell because I never live in the houses and make them my homestead.