Karen Morgan

Another issue consumers should beware is the growing practice of banks with REOs to refuse to sell to purchasers unless the buyer gives up his or her right to choose a title company and uses the bank's designated title company. One such "preferred" title company refused to provide to my agent and/or our buyer a list of its fees or a description of its title insurance coverage prior to the day of settlement. The bank's response, "Do you want the house or not?"--even after being reminded of the buyer's statutory right to choose a company of his preference. The consumer capitulated. In the event, the title company delayed settlement because it did not request the title abstract in a timely fashion!