I recently worked with a new title company that I had never worked for and it threw me for a little bit of a loop as I wasn't familiar with their process. If you don't already know, working with a reputable and experienced title company is one of the smartest decisions you can make as a real estate investor.
I wanted to share with you some important things to know when searching for a good title company. Keep in mind, some lenders will ask you to use the title company they are familiar with. And in my opinion, it's worth reaching out to them to understand how their process works.
By the way, if you need a lender for your next investment deal, I may be able to help. Feel free to visit www.wingspreadlending.com or give me a call at 484-706-9668. :)
The importance of title services
Title services are essential to any real estate deal, which is why every real estate transaction involves working with a title company.
Title companies conduct searches to determine if the current owner has the right to sell you the property legally. They search through various legal records to ensure that the existing homeowner owns the home free and clear and that there are no liens against the property that restrict the owner from selling.
Can you shop for title services?
When working with a new lender, I recommend starting off by asking your lender if they will let you shop for title insurance and related services. Some lenders have a recommended title company they work with. If that's the case, you should get to know their title company and their staff as best you can to understand their process. If your lender is ok with choosing your own title company, there are a few things you should keep in mind.
Choosing a title company
There are certain factors you should consider when choosing a title company, including:
Company reputation
Reviews
Fee structure
Customer service
Professional experience
Proximity to your property
While all of these factors are important, my opinion is that you should select the a title company that has AMAZING customer service. So how do you find one? Ask other real estate investors who they recommend - especially ones who have done a lot of deals. You'll likely find that the good title companies are the ones that other RE investors RAVE about! You'll probably also find that they are on a first name basis with many of the staff!
Once you have identified a few, give them a call an ask them the following questions:
Can you walk me through your process?
How much lead time do you typically need?
What's your fee structure?
Just as important as WHAT their answer is, HOW they answer may be a key differentiator. Were they pleasant to talk to? Were they helpful? Was there anything in the conversation that stood out as excellent?
If so, you may have just found your new title company. :)
Hope this was helpful for you. If you're looking for a loan on your next deal, please feel free to reach out to me at 484-706-9668 or apply online at www.wingspreadlending.com
Not ready to apply for a loan? We're always happy to connect with people to see how we can help in the future!
By the way, feel free to share this with others who you think may find this helpful
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