Never mind talk of shadow inventory, many mortgage industry insiders are haunted by the shadows that invade every nook and cranny and shut out even the smallest shafts of sunlight.
Now, no worries here, I don’t subscribe to that sort of doom. I combat the industry challenges with intense analysis and qualification for each and every borrower and am always armed with every possible pre-emptive strike to win that fight to the closing table. Am I sounding too dramatic? Actually…I’m downplaying the obstacles we face, but knowledge and professionalism always prevail.
But I digress…a recent undeniable beam of light has shone on buying bank-owned properties and it comes in the form of allowing the buyer to select the title company. May not sound like a huge accomplishment, but now when purchasing a home owned by Fannie Mae, having the option to select the title company is a welcome improvement.
Nothing against the law firms that have saddled up to ride as title companies, but giving the buyer the latitude to select their own title company saves them from being pulled into the vortex of the boiler room closing mentality. There’s enough going on in a Fannie Mae owned purchase; if you don’t have to interject any overworked and overwrought resources into the mix, you’ll be way ahead on your trip to the closing table.
At the end of the day, if you are buying a Fannie Mae owned property, take all the sanity you can get and hire a professional title company that will work with your Realtor and in your best interests.