All Forum Posts by: Maugno M.

@Tom Gimer Tell me about it. Thank you for your insight.

@Cara Lonsdale Thank you for the great advice. I will see where this goes.

I have been posting here in regards to a purchase i am making with Auction.com. Its a REO property owned by Wells Fargo. Please see my previous discussions.
Auction.com says Wells Fargo wants to use Servicelink as their closer. Past discussions show that Servicelink is really what Auction.com always uses and that they even own part of this. I want to use my own title company here in Tyler because most of BP says its the best thing to do, but the title companies im calling have no idea was up. They sound new to this and its frustrating. One title company said NO. The other has yet to get back with me, and a title company Ive used in the past said for me to send them the contract so they can review, and then contact Wells Fargo and make sure they will cooperate with said title company for closing. Sounds like alot of hazzle when i can just choose to go with Servicelink. Even if i go with my own title company, Servicelink will charge me $750 (Document management fee $200 Uninsured title Report fee $300 Closing coordination fee $250)

Should i just use Servicelink?  Another BP member told me that they all do the same thing basically and get underwritten mostly by the same company which is true. I wanted to use a local title company so i can start building those relationships but they are over complicating things seems like.

What do you all suggest. What are your experiences with Servicelink off Auction.com?

@Tom Gimer I called and they said i have to use them for "closing coordination office" So the sellers title company will still get $750 either way i guess plus the title company i choose will still charge me their fees.

I called my title company and they said they need to review contract first, and then make sure Wells Fargo will cooperate with them in closing ? I kind of feel like just using the sellers closing company(servicelink) sounds like it might be the same thing.

@Cara Lonsdale I was thinking the same thing. Maybe i should just go with them and shoot for the best. Alot of people on these forums warn against doing so though.Thats why i wanted to use my own title company. I also wanted to start building a relationship with a local title company so that was also a reason i wanted to use my own.
Seems like either way, if i choose to use my own, Servicelink will still charge me $750. Sucks. Not sure what way to go.

@Tom Gimer Thank you for the responses that def. clears some questions i have about the exceptions. But with the title policy thing, the contract has it checked
" Use servicelink as a closing coordination office only, purchasing title insurance through a local office: Settlement fee, owners policy and recording fees TBD by local Office and  are in addtion to the below fees"

But they are still charging me
Document management fee $200
Uninsured title Report fee $300
Closing coordination fee $250

@Ryan K. @Tom Gimer When you say exlusions to the title policy you mean exceptions right? If i was to get a title policy with an exception, would that allow me to back out the deal because to me that is not clean clear title. To my understanding a bank wont let people borrow money on houses that have exceptions. My first flip ever was a tax forclosure. When i went to sell it, the title company said they would give buyer a title policy but with an exception on Heirs. The buyer was using their own funds, if not, i dont think a bank would of let them borrow money on it with an exception. The buyer still took it with the exception.

 I dont think i would accept a property with exceptions. 

@Tom Gimer They just called me and told me they are removing it. we'll see.

@Account Closed I would like to know as well. And how much more would it cost me to use my own title company. I saw another thread on here that says they took 9 months to close using the seller's title company(Servicelink) I want the fastest closing possible so if that means using my own title company so be it. But if it wont make a difference i'll just use theirs.

@Jean Norton I have been declared the highest bidder on a property. They are sending me the paperwork and want me to wire the funds to their title company. How much more would it cost me to just use my own title company? I called a Local company here and they said they didnt deal with Auction.com ? Im waiting for a response from another local title company. Should i just use their closing company? i want to close as soon as possible. What do you suggest?

I just went on their website and see that the property is up for sale again in like 2 or 3 days. That's crazy. Im over here trying to purchase per their instructions and they are still auctioning it off.

Thank you for the response @Jack Bobeck. Yes that is the same deal with me and pretty much the same price. They want me to wire them 2500 to Wells Fargo's title  company supposedly. Ive read other posts on here the the company Servicelink is no good and is Partially owned by Auction.com so ill see what title company they tell me.

So ive been following a property on Auction.com. It didn't sell at courthouse and then it came on Auction.com for sale. I bidded up to the price I was willing to pay and I lost the bid. It went over like almost 5k and reserve was not met.
I received an email that day from the website stating that I had a second chance to purchase property. That if I wanted to they would present my last bid to the seller for consideration because my bid fell in the consideration range. I'm guessing I was the highest live bidder.

The guy I spoke with yesterday says that I need to wire the Earnest Money to the seller( wells fargo) with all paperwork to show that I am serious. But that it may take up to 15 days to get an answer from Wells Fargo. I told him I wanted to use my own closing company and he said that was possible but that the deposit would still need to be wired to the seller. I wanted to deposit the earnest money with my title company. What do you all suggest I do? Send the money and use the sellers closing company? Or is this a bunch of B.S from Auction.com?