it depends on the local custom… - Posted by eric-fl
Posted by eric-fl on February 09, 2001 at 09:08:22:
…in your market. In mine, title companies typically handle closings (as opposed to attorney’s), and it is traditionally “seller’s choice”. I usually specify my own company anyway, and then use it as a concession point in negotiations later on. Sort of a way to “give up” something, without really giving anything up.
It probably is the seller’s realtor who cares more about this than the seller, and yes, they probably get some kind of a kickback, or may just want to maintain control.
Once, when I was representing a buyer as an agent in a traditional transaction, the seller’s agent was a GRI, (Graduate Realtor Institute) and thought the world of herself. I still remember her patronizing tone when she would explain things to me I already da** well knew. I kept my mouth shut through most of the deal, and tried to keep emotions out of it.
Towards the end of proceedings, she faxed me a closing sheet from “her” title co. she had insisted on, late on a Friday afternoon, for a Monday morning closing. She had made an error of a few hundred dollars against my client’s favor.
I did everything I had to do, and went as far as tracking down the closing agent at home on Saturday, and spent the better part of my day getting it straightened out.
So come Monday morning, we all show up the title office, this lady walks in and does everything she can to mark her territory, short of peeing on the desk. Pretentiously saying hi to everyone by first name, whether they were involved or not, and she was all like “can I get anyone coffee” with the slant like “I KNOW where the coffee is”, real obnoxious in her tone.
So about halfway through the closing, the error shows up. The seller had, of course, gone and gotten cashier’s checks for their part of the expenses, and now were going to have to cut another check out of their personal account. So the seller gets all miffed, and actually started crying right there at the closing table. I had to bite my lip to keep from laughing. The seller’s agent had to take her out of the room to calm her down, etc. In the end, they cut the check, the deal happened, and we all parted “friends”. I doubt she picked up any referral business from that deal.
My point to all this is, if it’s really that big of a deal, let them have their silly title company. Don’t let emotions get involved, and don’t throw away a profitable deal for principle. Some principles are worth sacrificing for; this isn’t one of them. It’s just business. You just keep your mouth shut, do your due diligence, and laugh all the way to the bank.