Home Selling Clusterfuck

[TBS]

It's obviously necessary for a lender to know there are no impediments to clear title to the property.

At the same time, when I read the limitations on the title report I also wonder why the title company gets so much money. Their report is limited to public records, so unless the parties to a transaction (ROFR, easement, mineral rights, lien) recorded same with the appropriate jurisdictions, it won't show up in the title report.

Can someone tell me what I'm missing here? How hard is it to search public records in the digital age?

[Hugh Conway]

why do real estate agents still get the commissions they get?

because they can.

[TBS]

I had been following this from afar, but what I don't understand is why didn't you kick your sellers agent to the curb when she wasn't listening and walk right into her office (I'm assuming a big RE firm) and shout "Who wants to make a quick sale! It's all lined up." I didn't think sellers agents got paid until the deal was done, and could be fired at any time.

Glad you got a deal.

Standard residential real estate agency deal = homeowner engages the realtor (not the firm) for an exclusive listing for a period of 90 days. It gets really messy if you fire them and another realtor makes a sale within that 90 day window - especially if that buyer presented during that initial 90 day period. Added to that - our agent owns the firm so going to someone else in her firm won't get me far.

If there's a deal on the table I think its better to bludgeon the seller's agent into submission rather than wait out the listing term.

[~mikey b]

I just really want to kick Danno in the shin right now

[freeheelwilly]

It's obviously necessary for a lender to know there are no impediments to clear title to the property.

At the same time, when I read the limitations on the title report I also wonder why the title company gets so much money. Their report is limited to public records, so unless the parties to a transaction (ROFR, easement, mineral rights, lien) recorded same with the appropriate jurisdictions, it won't show up in the title report.

Can someone tell me what I'm missing here? How hard is it to search public records in the digital age?

They're getting paid to insure title for as long as you own the property. It's a one time premium. That may mean paying for defense of a lawsuit that, although ultimately dismissed, still costs money. It's also possible that the title searcher may miss a lien or some other title defect and they're on the hook for it. I don't know if the premiums are "too high" or not. I assume the market would shake that out.

[freeheelwilly]

apparently TGR is now filled with title searchers, not dentists.

I'm not a "title searcher", Carl. But I do have a brain and I've thought about the issue for more than 3 seconds.

[smitchell333]

Title company provides a level of INSURANCE to the owner and lein holder in the case that there IS a title defect. The title companies fees mostly come in the form of title insurance premium along with related document charges. Closing the transaction fees will be much smaller like a few hundred.

[Hugh Conway]

I'm not a "title searcher"

yeah - you are a mogul on the internet - the legendary freeheelwilly. We fucking bow before you man - keep up the creepy ttips douchebag man, it puts you in elite fucking company here.

they charge what they can because that's what the market will bare. You getting all pissy about what they do is fucking funny; what the fuck does that have to do with anything? If the market corrected itself most of the shitstains on TGR would be out of a job.

[stfu&gbtw]

A value added, outside of the box, synergy of positive outcomes.

Leveraging + facilitating = Levitating

I thought a win-win is when you get to sit on the other side of the plane from your douchebag coworker...?

[freeheelwilly]

yeah - you are a mogul on the internet - the legendary freeheelwilly. We fucking bow before you man - keep up the creepy ttips douchebag man, it puts you in elite fucking company here.

they charge what they can because that's what the market will bare. You getting all pissy about what they do is fucking funny; what the fuck does that have to do with anything? If the market corrected itself most of the shitstains on TGR would be out of a job.

Woah! Where'd all that anger come from? "You getting all pissy about what they do is fucking funny; what the fuck does that have to do with anything?" It has everything to do with it. The guy posted that that title searching is "BS" - so my response was actually sort of...you know...right on the nose. Unlike the rambling, nonsensical, out-of-left-field puke you just spit out.

Carl, I don't care enough about you to have the little spat you're so obviously trying to manufacture. That deafening silence you hear after you post something stupid in response to this? That'll be me.

(BTW, 17,874 posts here? Hahahahahaha!)

[LightRanger]

Standard residential real estate agency deal = homeowner engages the realtor (not the firm) for an exclusive listing for a period of 90 days. It gets really messy if you fire them and another realtor makes a sale within that 90 day window - especially if that buyer presented during that initial 90 day period. Added to that - our agent owns the firm so going to someone else in her firm won't get me far.

If there's a deal on the table I think its better to bludgeon the seller's agent into submission rather than wait out the listing term.

Interesting. In CA, the brokerage owns the listing, not the agent. If the agent left the brokerage, the listing stays. Not that it much matters when the agent you're working with is the designated broker-officer for the firm.

They're getting paid to insure title for as long as you own the property. It's a one time premium. That may mean paying for defense of a lawsuit that, although ultimately dismissed, still costs money. It's also possible that the title searcher may miss a lien or some other title defect and they're on the hook for it. I don't know if the premiums are "too high" or not. I assume the market would shake that out.

This.

[Hugh Conway]

Woah! Where'd all that anger come from?

says the dude who was always 'punching peoples face in' or 'curb stomping' them

I made a joke about TGR and dentists. You chose to manufacture a spat with me over it and now you are doing your tired little "I'm going home" bullshit. Pointing out that you like to get in fights with internet losers would make you a sad sack piece of shit too willard. Now runoff to Ruby Tuesdays for happy hour.

[old goat]

I believe that ordinarily the title insurance only protects the lender--even though you pay for it. If you want your own coverage you have to buy a separate policy. varies by state?

[RootSkier]

they charge what they can because that's what the market will bare.

If only you could actually shop around for title insurance rates. Around here at least, they are set by the state.

And old goat, all insurance matters vary by state. Here, the seller usually buys title insurance for the buyer in the amount of the sale price (this is why it's called a warranty deed--because the seller is warranting good title), while the buyer pays for the lender's policy in the amount of the loan. The lender policy expires when the loan is paid off but the owner policy lasts as long as the holder of the policy owns the land.

Just like any other insurance, it sucks until you need it.

[Danno]

I just really want to kick Danno in the shin right now

What the fuck did I do?

[TBS]

^^^i think he took exception to your use of bidness bullshit bingo...

[~mikey b]

What the fuck did I do?

You said that awesome bit of bullshit.

[Meadow Skipper]

What the fuck did I do?

I think telemike was having some kind of PTSD reaction to your meeting-speak. Totally understandable.

[skifishbum]

sold my house on the tgr to a maggot.
remind the mrs. of that fact anytime the wasting time w/ my blue screened e-skiing freaks comes up.
dirt pimp was so stoked after 2 years of offers on the property we bought he sold ours for 1/2 %
which was all i was willing to pay to have it listed on the Realtor scam list.
Most inspectors round here would be hard pressed to fix anything. but rock the inspector of all trades jack of none card hard.
anybody know of anyone who used one except to sell?

[old goat]

If only you could actually shop around for title insurance rates. Around here at least, they are set by the state.

And old goat, all insurance matters vary by state. Here, the seller usually buys title insurance for the buyer in the amount of the sale price (this is why it's called a warranty deed--because the seller is warranting good title), while the buyer pays for the lender's policy in the amount of the loan. The lender policy expires when the loan is paid off but the owner policy lasts as long as the holder of the policy owns the land.

Just like any other insurance, it sucks until you need it.

I don't recall buying title insurance for the buyer when I've sold a home in California, just for the lender when I've bought one. But both were a long time ago.

[Danno]

I think telemike was having some kind of PTSD reaction to your meeting-speak. Totally understandable.

If I ever say any of that shit with a straight face, you have my permission to kick me in the nuts.

[Art Shirk]

Nice. Clearly it's been too long since I went to meetings.

Or not.

[TBS]

The saga continues...
Buyer's agent sends out a contractor to look at all the roof flashing problems described by inspector. Contractor comes down and sez to me "Did the inspector even get up on the roof? 'Cause everything is fine up there."

This is after Buyer's agent couldn't supply specifics as to repairs they wanted, just said "the repairs will be obvious to a licensed contractor, and we want them fixed before closing."...

Done!

But my wife is pissed at me again - this time for throwing the roof's condition back in buyer's face.

Gotta love her, 'cause I'd go to jail for killing her...

[skiballs]

[warthog]

The saga continues...
Buyer's agent sends out a contractor to look at all the roof flashing problems described by inspector. Contractor comes down and sez to me "Did the inspector even get up on the roof? 'Cause everything is fine up there."

This is after Buyer's agent couldn't supply specifics as to repairs they wanted, just said "the repairs will be obvious to a licensed contractor, and we want them fixed before closing."...

Done!

But my wife is pissed at me again - this time for throwing the roof's condition back in buyer's face.

Gotta love her, 'cause I'd go to jail for killing her...

I would have to lock my wife up to keep her from rubbing their nose in it. Love that about her. She is a freaking pitbull when it comes to shit like that. Makes it a bit rough to win an argument though.

Sounds like all in all, a relatively normal transaction to me. You handled it well, and won.

Agreed on the RE agents being worthless, and inspectors not knowing jack shit about houses.
If you want to feel really good about your situation, I could share my recent home selling hell with you.

I don't want to hijack, but here's a preview. RE agent put a cash bid on our house, effectively blocking a potential sale, only to back out due to FEMA flood horseshit ( that they should have known about), effectively showing us dropping a contract, and making it look like there was something wrong with the house. That is just 1/3 of the story. So yeah, fuck RE agents.