Counter Offers to use In House Lenders & Title

Richard & Lori Ballen — Thu, 09 Aug 2007 01:25:00 GMT

We had a major debate today at our Summerlin Las Vegas Coldwell Banker Wardley Real Estate Office. We have all been taught that it is always buyers choice on title & lenders, however, this seems to not be the case. We notice on foreclosures that the bank REQUIRES (and they say it in writing) the buyer to use their title company & mortgage company. Now we are seeing more & more listing agents countering to use their title. They often say in order to pay closing costs we MUST use their preferred companies. I wonder what the laws are in this matter. We work with plenty of buyers, but specialize in listings. We have been encouraged to counter buyers to use our title & lender. We are team players and want to do this, but are a bit afraid of ramifications. Perfect Example: We made an offer to purchase a Las Vegas home for a buyer yesterday. The listing agent sent us a counter today stating the buyer would use their title company & their home warranty company. Since we had no other items to counter back, it seemed silly to counter those 2 items and risk causing an agent to agent issue. Bottom line is that our buyer should have had the choice, but since he asked for closing costs, the agent insisted we use their company. I will be checking on our Las Vegas laws but welcome feedback.

Las Vegas Real Estate with Richard & Lori Ballen

Counter Offers to use In House Lenders & Title