I’m in a new city and need to shop title companies.
Would appreciate any and all advise as to what to look for in a title company…especially for a “buy & hold” REI strategy.
Thanks for the consideration.
-Mike
what do you mean?
If you’re looking for title insurance, they all do the same thing. Go with whom ever is going to insure the title for the cheapest price.
For buy and hold, any company would do. Investor friendly companies are mostly used when double closing, or buying sub2.
This isn’t true, believe me. Some title companies can’t insure common investor issues. On a recent wholesale deal, one of the title companies had an exception that they wanted to put on our title policy, so we had to switch.
Other times, the closer has no idea what to do if it’s not a standard contract with a standard loan. I used Alamo Title here once and they took 4 hours to close a cash deal because their closer kept messing up our paperwork. All title companies and all closers are not the same. Their experience working with investors is invaluable and will keep you from having a delay.
The first property I bought was through a Title Company that closed at 4:30 pm M-Th. & 2:30 on Friday. The seller was a doctor. He had to take a day off to close, plus his wife had to take a day off, I had to take a day off, my wife had to take a day off, both Realtors had full time jobs so they also had to take the day off. Do you see a pattern.
I will never use this type of Title company. I like a Title Company that can close through the mail, will work weekends, and will come in late at night if needed. So a flexible Title Company is what I like.
Thank you for the correction, I learned something else new today.
Same here! Alamo Title (Lonya Haynes) here in Austin closed on the hood of a car at 7pmon a Friday night in a bank parking lot so we can finish an assignment. That’s the type of service we need from Title Cos.