Lenders Can Not Regulate Title Fees
October 21, 2010 / /
http://kevinandfred.com/power-hour/title-fee/
Kevin and Fred are discussing the banks attempts to change and negotiate title fees.
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About the Authors
Kevin Kauffman & Fred Weaver
Kevin and Fred the founders of Group 46:10. Over the last 10 years Kevin and Fred, and their team have closed tens of millions in real estate all over the country and have created some of the best training for agents in the market. Kevin and Fred are also highly sought after teachers whose work has helped agents all over the country build their own next level real estate business.
My problem is they are trying to cut closing/settlement fee in half. Crazy!
Yeah, same here Becky. The Closing Fee is one they’re really looking to cut in half – annoying but you just have to stand firm with no (and of course escalate to someone who understands mitigation).
Fred
Litton Loan is killing me, I just ask the negotiator who is local here in Irving to please find me a title company to do the closing for her fees. I wasn’t chasing one down. Since she is local and so smart then she can do the leg work, in my view. This video came at the perfect time.
Title Fees in Idaho are regulated and cannot be reduced from the filed rate. Thanks for getting this information out!
That was a great way to start my morning thanks guys 🙂 Loved the monkey sound at the end. Maybe you should end every session with a different animal sound 🙂
They’re bleeding us… the lovely BofA sent me a counter today slashing closing costs AND asked the unemployed seller for a cash contribution of $5K– when they only have $12K left in their checking/savings– that’s all they have left in the world… but oh my, they have an 800+ credit score (not for long!) so the negotiator tells me he doesn’t see a hardship…what!?! He said they’d be able to get a loan– with no job? Are these dudes nuts? Is this just a gamer of hardball?
As always…great stuff guys!
If the Banks are truly concerned with their net…I have a suggestion. Instead of chasing pennies over fees and commissions, expedite the damn sale! We are in a declining real estate market…the more delay the less net!!!
Let’s try this…fast track the approval process and return maximum dollars to your investor. Just a thought…
We have a local title company that is “negotiating” (I use that term loosely) short sales and instead of charging a negotiation fee, they chare almost 3 times the normal closing fee. Guess what happens when the bank says NO, we will only pay $XXXX? The title company comes to the buyers agent and says that someone has to make up the difference. We told the buyer to refuse to make up the difference as the title agent can not kill the sale because they do not get paid enough. Listing agent hired them and should pay the difference!