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Old 08-18-2008, 02:27 PM
 
925 posts, read 4,710,661 times
Reputation: 720

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Hi,

I wanted to know why the owner's policy is not included in the Good faith estimate that I have received from the lender. It includes the calculation of Title Insurance.

Doesn't the seller normally cover for Owners' Policy?

Here's my scenario:

The seller is willing to pay a portion of the closing costs when I negotiated the purchase price with them. I noticed on the contract however, that the check box was marked as BUYERS expense for the owners policy.

This should be a SELLER's expense. After calling the seller and letting her know that I am not pleased with paying for owners policy - the seller then came to negotiate a deal where she's pay the owners policy but I'll have to cover the survey costs.

Will this be a good deal?
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Old 08-18-2008, 02:36 PM
 
132 posts, read 588,149 times
Reputation: 54
Pardon me for being the bad cop..

You are going ahead with this purchase without a REALTOR & Mortgage broker on your side and , to make the matters worse, the seller itself is a REALTOR. It sounds like you fall in love with this home and showed that addiction to the seller (and somehow got you thinking that REALTORS and BROKERS cost you money) and about to be ripped-off by the seller..

If you had Realtor on your side, these things would have been sorted out at the beginning and most probably would have gotten a better deal..

Last edited by Houston456; 08-18-2008 at 02:45 PM..
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Old 08-18-2008, 02:42 PM
 
925 posts, read 4,710,661 times
Reputation: 720
Houston456,

I understand you playing the bad cop and I think it is very important to be skeptical.
This property was an open house invitation and yes, we do love the property but I believe that we managed to settle down on a great price including the closing costs that the seller has agreed to cover (as stated on contract)

As long as I am knowledgeable of what I am doing, I am sure I can make sure to look out for my well being and with the help of you guys. The issue of owners' policy that rose up, is something that I want to be prepared for - therefore the questions.
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Old 08-18-2008, 02:43 PM
 
Location: A little suburb of Houston
3,702 posts, read 18,216,670 times
Reputation: 2092
Let me get my crystal ball...nope...no answers. Seriously, You are the one negotiating your loans and contracts, no one here can answer questions like that because no one knows the specifics on what you have been negotiating with your lender or seller. General questions we can help with. Specific ones well....
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Old 08-18-2008, 02:46 PM
 
132 posts, read 588,149 times
Reputation: 54
Quote:
I noticed on the contract however, that the check box was marked as BUYERS expense for the owners policy.
Seller is smart enough !!!!!!!!
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Old 08-18-2008, 03:02 PM
 
925 posts, read 4,710,661 times
Reputation: 720
Houston456,

Yes, you are right in saying that the seller is smart enough, but I am not entirely dumb in giving in everything the seller says. I have read the contract several times and understood all the boxes that are marked off.

I appreciate your help.
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Old 08-18-2008, 03:20 PM
 
Location: Austin & Houston, TX
1,461 posts, read 5,598,157 times
Reputation: 425
You really need some representation.
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Old 08-18-2008, 04:26 PM
 
2,628 posts, read 8,834,115 times
Reputation: 2102
Quote:
Originally Posted by marykate1 View Post
Houston456,



As long as I am knowledgeable of what I am doing....
Not trying to be ugly, but to be bull-in-a-china-shop blunt it is obvious you are NOT knowledgeable about what you are doing, you just think you are, and that can be dangerous in such a serious deal as a home purchase. I'm sorry to be so curt, but it is time to get a buyer's agent.
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Old 08-18-2008, 04:28 PM
 
Location: California
10,090 posts, read 42,424,010 times
Reputation: 22175
Quote:
Originally Posted by Beto View Post
You really need some representation.
Agreed 100%!
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