Title Co Shopping/for Sub To Property
Hello!
My first post. I'm a newbie trying to shop for a title company that handles 'subject to' deals. What questions should I ask the title company (like do you deal with trusts, LLC purchasers, are you also a loan servicing entity, etc). Is there a list of questions to ask?
Does the LSC need to be a local company? what questions should I ask them?
thanks!
Well I'm interested in hearing what the pro's have to say on this question as well. I havne't had a chance to order John $ Locke's manual or kit yet but I would suggest you order that. I would imagine from what I've hard all the info you need would be in that book. He even took time out of his schedule to talk to me on the phone before I even purchased anything. That man is great.
Anyway about your ? I would assume the company doesn't have to be local, however I usually prefer knowing people I can walk in and talk too. Also you will want to see what type of fee or commission charges they have. That is a given b/c it can make or break you. Hope you get some more answers from the pro's.
Good Luck
Thanks for your response!
The person that is shepherding me through this deal says I don't need a LSC. He helps with some of the things to ask, but I wanted to check with this forum so see if there were other considerations. I think I would like to use a LSC for peace of mind for both parties.
Query: Should an extensive home inspection (with repair estimates) be performed before or after an offer?
thanks again!
You should not pay for an inspection until your offer is accepted. You can have 0 for a repair allowance but make sure you have some figure you are comfortable with as an escape figure. If you find say more than xxx amount then I want the option to cancel the contract and get em back or have seller pay the balance. I buy all mine as is but I buy junkers and know most of what needs to be done. The price is a lot lower too.
Good LUCK and Thank You
Hope this helps some
Ted Jr
The LSC doesn't jsut supply peace of mind. It is a great service that allows you to spend your time finding more deals, instead of keeping track of mortgages/mail.
Mr. Locke's material has a list of many loan servicing providers. You can begin by checking with your local title companies, and then to some of the others if you don't have any luck locally. I'm currently shopping for a LSC as well. Good Luck!
keymtn,
Glad to meet you.
I can tell you that I have done a my fair share of Subject To deals in your area, I never used a title company except when my buyer refinanced.
I always use a LSC for everyones protection, so if someone tells you different they do not understand the importance of using one or all the benefits the LSC offers.
John $Cash$ Locke
I haven't had any luck finding a local LSC, however I've learned that one of the local title companies may provide this service. Mr. Locke, would it be better to allow your local title company to provide this service, or a LSC that is non-local yet specializes in this service?
Thank you all for your replies.
Mr. Locke, you mentioned that you had done several deals in my area--could you recommend a LSC? If it's not a local company, what sorts of questions/concerns should I have when I interview them? (Not trying to question your recommendations, but to try and understand the interviewing processes (sp)). Thank you for your time and information.
www.sellerloans.com is who I have a rapport with but have not had the chance to use.
Quote:
On 2004-03-09 08:39, keymtn wrote:
Thank you all for your replies.
Mr. Locke, you mentioned that you had done several deals in my area--could you recommend a LSC? If it's not a local company, what sorts of questions/concerns should I have when I interview them? (Not trying to question your recommendations, but to try and understand the interviewing processes (sp)). Thank you for your time and information.
Just a heads up my LSC notified me that they will now be charging a $45 fee each month for subject to deals. They also said the whole industry is moving to a $45 fee for sub to loans. Has anyone else heard this? It may be time to switch but man what a pain.
Who is your LSC JamesStreet?
Note World
Hello everybody,
I may not know much but here's what i do know I say this: for all your title needs (prelims, searches, insurance etc.) go to a title co. for your escrow acct needs use a lsc. The title company i work for they WILL turn away business if theyre acting like a LSC for people doing SUB-TO but will allow you to order other services. There are a couple out here in california that are web based and you can do all your business with them on the internet which in my opinion is GREAT! some of those people you wonder how they put they're shoes on in the morning.
Onceagain everyone, thanks for all of your responses!
Sincerely,
keymtn