North Carolina-comps-escrow - Posted by AnnNC

import · February 21, 2001, 7:02pm

Posted by AnnNC on February 21, 2001 at 22:36:23:

I didn not originally expect to get comps from title companies, either, but there was a post here recently about, “just call up the title company and ask them, they will do it for a fee”, so I though I would try.

I asked same questions to my prepaid legal firm, and they said basically the same. They don’t help with
escrow. They do not do a revolving earnest money
type of account such as has been described here. The don’t “know of anyone who does anything like that”.
Nothing like Steve Cook has mentioned. I explained it to them, and they, both the title company and the atty, were not aware of any of this, and had no suggestions.

This is what I was emailed re title company, after my email to them re help with comps:

Attorneys do the closings, disbursing (in most cases,) escrows, etc. My
company only acts as an escrow agent for contracted commercial transactions
and tax deferred transactions, and there is a fee for that service.

On the norm, Title companies in North Carolina have a limited role in the
actual framework of real estate transactions. Since we are an attorney
state, the attorneys by law must perform the actual searches and closings.
They may employ the services of freelance paralegals but they are required
to sign off on all work and certify title to the title company in order to
legally obtain commitments/policies. I play a more active role only in that
I manage our referral department (transactions dealing with NC properties
via out of state lenders/placement companies.) I receive orders via FAX or
internet and place requests for title searches/closings with attorneys based
on the counties in which the properties are located (we handle the entire
state.)

Unfortunately, I’m not aware of anything I could provide that would be of
help to you. I think you’re on target when you mention the “buyer’s broker
for real estate investment” approach."
(end of their reply to me)

As I previously have posted, yes, there are data companies, one includes 8 counties, but wants the full
payment up front, not by the month, and does not correllate deed transfers with tax data, and the tax
info is updated yearly. Yearly.

Anyone from NC have any info?
Ann

import · February 21, 2001, 7:02pm

North Carolina-comps-escrow - Posted by AnnNC

Posted by AnnNC on February 21, 2001 at 20:02:28:

I recently contacted a local title company. They do not do
comps. They do not do escrow. NC, is, as I knew, an atty state.
Then I contacted
my prepaid legal referral. They do not handle escrow.
They will not refer me to a local real estate atty until I have a contract to review or want to set a closing date.
They, and also a title company, do not work with you, until you have a deal to close.
Period.
They also cannot get me a copy of the “RE board” contract that everyone recommends one should have.

Any thoughts?..(only from people in NC)
I was also told by a REIA contact to get a brokers license
in NC, just to get comps.
The prepaid legal firm will review a contract, or clauses,
and give a 25% discount on closing. Not sure how much this would be. What is cost of closing in NC? Maybe I don’t need the 25% discount?

Any suggestions would be greatly appreciated.
Ann

import · February 22, 2001, 6:45am

Re: North Carolina-comps-escrow - Posted by Mark-NC

Posted by Mark-NC on February 22, 2001 at 07:45:41:

Ann,
Because you have to close with an attorney in this state, the best thing to do is find an attorney that specializes in creative real estate closings. Build a good relationship with them and try to use the same one all the time. They will handle all the title work and escrow issues. In most cases they are insured under the particular title company they use, this way you will not have to deal with the title company at all.

If you need contracts the attorney should have one, if not let me know I will fax you one.

As far as comps go you can either do it yourself with a little leg work or develope a relationship with a realtor that can help you. I wouldn’t go through all the trouble of getting your real estate license just to get comps.

The cost of closings can vary. Mine generally run between $400 to $800 depending on what type of closing it is and the price of the property. That includes the title work attorney fees ect.

Good luck!

Mark

import · February 21, 2001, 11:52pm

i would like to add… - Posted by AnnNC

Posted by AnnNC on February 22, 2001 at 24:52:12:

I did not call the title company up and say “Here is an address, can you get comps for me?” I wrote a lengthy detailed email asking about closings, services,
asked if they did simultaneous closings (no answer)
if they had access to either MLS or any other data service, told them of my experience with the county’s
online data, and asked for their recommendations.
can’t edit this my browser’s “back” button erases.
how conveeenient!

import · February 21, 2001, 11:48pm

Re: North Carolina-comps-escrow - Posted by LeonNC

Posted by LeonNC on February 22, 2001 at 24:48:43:

Ann,

I’ve bought a few houses in North Carolina and closed them with an attorney everytime. I’m not sure what title companies do in the state other than title stuff. In my limited experience I would say that you probably want to establish a relationship with at least one attorney who after you teach him will understand what you’re doing. Maybe you’ll get lucky and find one who already knows.

As for the pre-paid legal service you might be able to use them for something. Maybe run your paperwork through them first if they do it for free, then give it to the attorney you trust and work with. I’m not sure if it’s worth the $100.00 to bypass your regular attorney when doing closings.

As for comps I think the best way is to get the tax rolls on CD if you’re area has them. I think there’s a company called FARES that has them in a lot of areas. Make friends with a realtor who will get you comps and send you houses for sale. Any realtor can also get you a purchase and sale agreement.

Have a great day

LeonNC

import · February 21, 2001, 8:58pm

Re: North Carolina-comps-escrow - Posted by Nate

Posted by Nate on February 21, 2001 at 21:58:40:

As for as comps, I wouldn’t normally expect to get those from a title company. They probably don’t even have MLS access. The best source for comps is either an appraiser or real estate broker/agent - someone with MLS.

If the title companies you have talked to do not “handle escrow”, it sounds like you need a new title company.

Escrow is not a complex process or some sort of mystical secret. All it means is they take your money and hold it for you in their escrow account. I can’t imagine any lawyer or title company not doing that. Any one that tried to tell me they don’t would never get any of my business.