2009-06-13 — usatoday.com
Home buyers dicker about appliances, cabinet styles and the move-in date but often question little when it comes to a pricey part of their purchase.
Closing costs — fees paid at settlement — can add up to thousands of dollars.
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mmiskiel at 02:23 2009-06-15 said:
If anyone has experienced buying a foreclosure, 99% of the time the bank selling the property requires a specific title company to be used. The buyer is supposed to have the choice, but in every foreclosure I have seen, the bank made/forced the use of a specific title company. Where is this all leading... Most of the time from what I have see the HUD1 is jammed full of junk fees at the last minute and the title company will not remove them. So much for shopping hard as the article states, because if your buying a foreclosed home and the title company has been forced upon the buyers, you might as well face the fact that you got a good buy on the home but now your going to bend over and take it regardless if you like it or not. The banks selling the properties are violating RESPA by forcing the buyers to use the title company they choose and HUD is not doing a thing about it. Section 9 of RESPA prohibits a seller from requiring the home buyer to use a particular title insurance company, either directly or indirectly, as a condition of sale. Buyers may sue a seller who violates this provision for an amount equal to three times all charges made for the title insurance. This is another example of more regulation that goes ignored and is never enforced. Permalinkadd a comment | go to forum thread
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