Detroit Real Estate

your real estate agent or mortgage person may ask you if you want to use their title company.

  Does it really help you financially?  Not really!  Ask the mortgage guy or real estate person how much money are you going to save?  They will unfortunately not have an answer for you.   Sometimes the seller's title company will add a surcharge to the deal so you may pay even more for title closing costs.

But it does put money in your mortgage companies or real estate companies pocket!  Their company usually has a financial interest in the title company they are recommending.

So why use two different title companies.  They may say it is better protection.  Again I hate to say it but it is baloney.  When you use any title company you most likely are buying title insurance.  Title insurance is title insurance no matter what company you use.  You are protected from title defects.  So if the title company missed out on paying taxes or Home owner association fee you are covered no matter what company.  If they missed a lien or there is a cloud on the title you are protected no matter which company does it.  So what is the benefit to use two title companies.

Then add to it two different companies doing the same job.  They both ask for the same information.  They sometimes have to go to the other title company for the information they need.  Now isn't that dumb.

So the bottom line to me is that it is crazy to do a split closing.  You are just putting more money in your mortgage company owner's pocket or the real estate owner's pocket.  It's more grief than savings or protection for you.

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My quote of the day:

"Life is a succession of lessons which must be lived to be understood."
                                                                                                           ~~~Helen Keller~~~