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Old 02-25-2010, 05:27 PM
 
4 posts, read 5,492 times
Reputation: 10

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I am currently in escrow on a foreclosure property where the realtor and title company are both subsidiaries of the mortgage company (seller).

It makes me nervous that all three entities are the same company. They required that we get preapproved through them, but after they signed the deal, I informed them we are using another mortgage broker. Still, I am concerned now that the title company is related to the seller (mortgage company), and now getting emails from their mortgage staff asking us to call them to "discuss" our using another mortgage broker.

Has anyone else had this issue come up? Do I need to worry about the title company being related to the seller?

Thanks!
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Old 03-06-2010, 01:28 PM
 
Location: Plano, TX
75 posts, read 218,470 times
Reputation: 24
Quote:
Originally Posted by aneftp View Post
I was suspicious also. I used a mortgage broker husband of one of the real estate agents partners.

At first he wasn't giving him what I considered "market" rate for someone of my high credit and income level.

I went to another broker, threaten to use the other brokers service if he did not match. In the end he matched the other broker...giving me some sob story how he was only making $1200 in commission. I knew this was complete BS. But mortgage broker who was the husband was reputable and many others had used him.

So just shop around and compare. It doesn't hurt.
he 'only made 1200 because he is on a low split % with his boss. he has to gouge to make up for it.
realtors feed the company leads.... they hire cheap monkeys to work there.
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Old 03-06-2010, 05:24 PM
 
Location: MID ATLANTIC
7,604 posts, read 17,652,971 times
Reputation: 8099
Quote:
Originally Posted by mdalton2 View Post
I am currently in escrow on a foreclosure property where the realtor and title company are both subsidiaries of the mortgage company (seller).

It makes me nervous that all three entities are the same company. They required that we get preapproved through them, but after they signed the deal, I informed them we are using another mortgage broker. Still, I am concerned now that the title company is related to the seller (mortgage company), and now getting emails from their mortgage staff asking us to call them to "discuss" our using another mortgage broker.

Has anyone else had this issue come up? Do I need to worry about the title company being related to the seller?

Thanks!
From your description, I am going to guess you are buying from one of the big box banks. No, there's not any real concern about using their title or lender in the way of quality of what you get in product (title insurance, recording services, etc).......except........if they can't get the deed (title) back in time, or pull the seller's papers together on time for your closing, no one is pushing for you to make your closing date.

MANY of the "missed" closing dates are where the buyer is using the seller's affiliated services. It doesn't sound like a big deal, until your lock expires.......or your lease is up and you're homeless......your wife is due to deliver (one of my true horror stories).
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Old 03-12-2010, 10:00 AM
 
4 posts, read 5,492 times
Reputation: 10
Thank you -- we decided to bring another mortgage broker into the picture to create some competition, and hopefully with our very experienced REO realtor we will be okay.
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Old 03-16-2010, 01:11 PM
 
38 posts, read 109,856 times
Reputation: 14
If you go with the same bank, dont expect the house to be appraised lower or higher then the selling price. I went with the same bank for my loan, the house was listed for $159,990 and my offer was accepted at $165,000. To no surprised the house was appraised at $165,000. If i went with a different lender, maybe the house would come at a lower price (like $155,00) and allow me some room for negoeciation. How do this appraiser come up with the price? and will i get a report from them?
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Old 03-16-2010, 01:22 PM
 
Location: Great White North Hills
11,032 posts, read 13,650,697 times
Reputation: 8475
I'm curious as to why you offered more than listing price? Most people offer lower.
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Old 03-16-2010, 02:08 PM
 
38 posts, read 109,856 times
Reputation: 14
Quote:
Originally Posted by Copanut View Post
I'm curious as to why you offered more than listing price? Most people offer lower.
The area where the house is very competetive. House goes pending in a week after listed on MLS. There are 2 house in the area that were listed at 185k and 193k. Both are 1500 sq. ft. The house i offer is 1700 sq ft. My agent advice me to offer a little higher than the asking price because there will be many offers for the house and we just want to get our foot in the door. I was going to offer at 160k but my agent advice me that if i want the 3% back, it would be better to offer 165k. We were not the first offer accepted by the bank. A day after i made the offer, the house went pending. I ask my agent and he said, they have a higher offer right now. A week after it went pending, the buyer back out and then the bank ask for my agent to fax my offer again. We did and they accepted. Today i heard from my loan agent that the house was aprraised at 165k.
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Old 03-16-2010, 05:13 PM
 
Location: Great White North Hills
11,032 posts, read 13,650,697 times
Reputation: 8475
If the original buyer backed out, I would have counter offered at a lower price. Your agent was just looking out for his/her commission.
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Old 03-16-2010, 10:13 PM
 
38 posts, read 109,856 times
Reputation: 14
Quote:
Originally Posted by Copanut View Post
If the original buyer backed out, I would have counter offered at a lower price. Your agent was just looking out for his/her commission.
I was thinking the same too but it is what it is...We don't know the reason why the original buyer back out.
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Old 03-16-2010, 10:29 PM
 
Location: Great White North Hills
11,032 posts, read 13,650,697 times
Reputation: 8475
Seriously, why would your agent tell you to bid over listing price? I would question if there EVER was another offer.
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