Auction.com, Title Company

[Account Closed]

Hello.  New investor here.  I piggybacked on an old post with this question, but in hindsight it seemed more appropriate to start a new post.

Auction.com purchase.  Bank signed contract as of today.  Sellers title company will charge me a $695 settlement fee and a $350 abstract fee, no matter if I use them to close, or not.  Contract says I have the right to get Title insurance from another company.  

Lesson learned, as I'm guessing this is how they can charge me the hefty fees above, as it only mentions Title Insurance and not closing with another company.

It will cost an additional $534 (plus $50 in local fees they don't seem to know about yet) to close with Sellers Title Company and get a SWD + Title insurance.  So, total closing is about $1650.   It will cost $1150 to close with a local title company and get the same.  So, a total closing of $2195-ish.

No bankruptcies that I see (deed was in buyers name still until a few days ago).  Preliminary title search (provided by Auction.com) looks clean with a divorce a few years ago and a foreclosure later .  Recorders office said no issues.  I found a water lien by calling, less than $100.  Put in a request for Code Enforcement lien info - haven't received yet.  Talked to local code office, and they just mentioned needing to do an inspection before water could come back on (standard for vacants).

Property description not in contract - just an address and reference to preliminary title report (that they emailed me upon request).  That report does have the prop description listed.

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I just could use some verification that closing locally makes sense, since I have no experience - given the extra cost.

Any input greatly appreciated.