Oh, what a migraine I get , just thinking about it. It shakes me to the core. I conjure up an image of a super thin guy, slicked back hair, pencil mustache and all, saying to me, "sign here..........come on, just sign, sign , sign. Oh! scary. But a little knowledge can erase your fears, and also some common sense. If it doesn't feel right, just stop. I have bought and sold several properties recently. With the last sale, I started adding up in my head, then later on paper, just how much commission , my real estate agent, has made off of my sales and purchases. He wins coming and going. If I sell my property, he gets paid, if I buy property, he gets paid.
I have, however, discovered something on the last land sale, and home purchase. It is the title company!. When I bought my last property, for my disabled son to live in, I looked for an "Owner will carry". I didn't quite have enough cash to buy it outright. I found out through this purchase,about the title companies. Did you know the title company can collect your money if you're the owner? They can also collect interest on the money owed to you. So you are compensated for waiting for your money, with interest paid by the buyer. They send the payment directly to you for a fee, also paid by the buyer. They do a title search, and guarantee that the owner is who he says he is, that he really does own the property, and can legally sell it to you. Many times, if you get tired of waiting for the money, some companies might offer to buy the contract for the loan, from you . They can pay all cash, then they get the interest, and you get the cash.
Thats what happened in my case, the owner sold the loan to another company. So , now, instead of sending my payment to the title company, I send it to the company who purchased the loan, and they get the interest. It doesn't make any difference to me. it's actually been to my advantage, since they don't add the $15.00 collection fee to my payment, like the title company was doing.
This is a small town, and I ran into the original owner at the store, and he said they paid him a slightly reduced price on what was owed, but since he had come to need the larger cash amount, it worked out well for him. I can see myself doing this. I am thinking about selling my home, and this is certainly something I would consider doing. Why didn't I know this before? Its because I always bought property from a company. Not an individual. I never had the opportunity to know this before, and no one was telling me. Certainly not my real estate agent, other wise known as Mr." Fat Pockets".
So, do you think you can do this? You can! The title company is worth their weight in gold. They will stick with you through it all. Then just look in the phone book, or online for a reputable title company. Then, you won't need the asprin, and you"ll be the one with the "fat pockets".
