Posted by Chris on September 14, 2004 at 21:52:58:
I had to use Fidelity once to get a HML. The competition in town is more professional and returns calls and generally on the ball, but I just gave in.
Can a lender do this? - Posted by Zoltan
Posted by Zoltan on September 14, 2004 at 20:41:26:
Hi,
Got a buyer for a property who called me saying that his lender can’t do the deal and meet the set closing date unless we go with the title company he recommends. Also, the lender said that going with the title company he recommends is the only way to ensure the buyers interests are looked after.
Of course, the buyer is convinced that the deal his now impossible without switching the closing agent.
I already opened escrow with the title company I know can handle CREI transactions plus being that this is a double escrow I need both my seller and buyer transaction to go through the same closing agent concurently.
Is there anything I can do to ease the buyer’s mind that going with my title company is safe?
Can a lender bully the buyer like this?
Thanks in advance for any quick reply.
Re: Can a lender do this? - Posted by wes
Posted by wes on September 15, 2004 at 07:34:52:
Not sure about all states, but at least here in Georgia, you cannot be forced to use a particular closing attorney/title company. Unless there is a special situation such as REO property where perhaps HUD requires a specific company.
However, A company can be strongly recommended and that appears to be your case. Whether it is true or not, it apears they are just presenting you with the choice of who they know can get the loan closed on time. While you may not like it and it may not be true, it sounds to me like they are not forcing you to use this company?