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Several of us were discussing this in another thread, I just wanted to post in the main forum, to get more exposure.
The NAR so far has successfully kept the banks out of the real estate services industry. They claim it will hurt consumers. As it is now, a real estate office can house title services, real estate services, mortgage, insurance...you name it.
On the other side, a bank is prevented from operating a real estate office or engaging in real estate services.
In the event that NAR is unable to keep banks away, (and it's coming) what will happen to the smaller real estate companies, and agents.
I would buy "in some states". Many is too strong unless you wish to develop the statistic. I would agree it is true in CA. Don't know another off hand.
I might also suggest you list a location. Make it easier to understand your RE views.
It is true up here in the midwest. The agents totally steer buyers to their title companies and of coarse said title companies charge a little more. They also have loan officers under the RE broker umbrella ie. Edina Realty, Edina Title and Edina Mortgage.
I would buy "in some states". Many is too strong unless you wish to develop the statistic. I would agree it is true in CA. Don't know another off hand.
I might also suggest you list a location. Make it easier to understand your RE views.
I am in Florida, and here there are many brokers that also own title companies, mortgage, etc. I'm originally from Georgia, and I know there brokers can own mortgage companies. In GA there are no title companies, they use attorneys.
On a side note: I can't stand when I read the listing remarks and it says "sellers prefer xyz title". No chance I'm using that title company....not with their inflated fees and ABAs that make the listing broker an extra few hundred bucks on the deal.
On a side note: I can't stand when I read the listing remarks and it says "sellers prefer xyz title". No chance I'm using that title company....not with their inflated fees and ABAs that make the listing broker an extra few hundred bucks on the deal.
We have a brokerage here in the Tampa, FL area that requires the seller to use their title company, due to the listing agreement. The buyer can use their own if they prefer, but they will pay more, because of simultaneous issue of the owners policy.
Their fees are so inflated, it's unbelievable. The company advertises 2% commissions, but stick the seller with the higher title charges.
We have a brokerage here in the Tampa, FL area that requires the seller to use their title company, due to the listing agreement. The buyer can use their own if they prefer, but they will pay more, because of simultaneous issue of the owners policy.
Their fees are so inflated, it's unbelievable. The company advertises 2% commissions, but stick the seller with the higher title charges.
It's all about reading the fine print, isn't it?
See - that's the problem when you get all this intermingling of services. Here in AZ I've not seen title companies as part of the real estate companies, but definitely mortgages. The last company I worked for was a national franchise and had its own mortgage division. Not many agents used them until they got a loan officer that was local (instead of back east) and knew her stuff. I think it's mostly these national brokerages that are trying to get into the mortgages, insurance, title. Those brokerages aren't about selling real estate, they're about making money off their agents. The companion services is just another way they get a piece of the action.
All this one-stop shopping isn't for the convenience and benefit of the consumer. It's for the benefit of the big companies. Once banks get involved in real estate it will be that much worse. It's not the consumer who'll save money - it's the "big boys" who'll cash in.
here in North Carolina national and local brokerages alike offer all settlement services under one roof...e.g., FM Realty, FM Lending, FM Title. Although "steering" is prohibited by law, I'm sure it happens because agents have told me the Brokers in Charge give them constant grief if they take the business elsewhere. From what I've been told the BICs insist on capturing the business because it fattens the bottom line numbers which, of course, they are paid on.
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