Builder doesnt want to use different title company

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Viewing 10 posts - 16 through 25 (of 25 total)
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  • #69373
    JayCee28
    Participant

    @ttrumble Hi! I received an update from the builder stating “Per Erick Exum at NACA, who handles the vendor list – Keystone Title is and has been an approved title company for NACA”. Given that this is completely opposite information from what you gave, but it is from another NACA team member, could you verify if any of this is true, or does your last message still stand? Thank you!

    #69430
    TTrumble
    Member

    Hello JayCee28,

    Mr. Exum was not a member of the group which decided that Keystone would no longer be used for NACA closings. My information came directly from a member of that group. Let me look into it further, but for now, I stand by my previous answer to you.

    Tim Trumble
    Online Operations, NACA
    ttrumble@anca.com

    #69447
    JayCee28
    Participant

    @ttrumble Thank you for this update and looking into this matter! Hopefully we can get something to permanently close the loop on this issue and I can make a well informed decision on next steps.

    #69572
    JayCee28
    Participant

    Good Afternoon @ttrumble! I just wanted to follow up on this thread and see if you found any additional information in regards to Erick Exum stating that Keystone was an approved title company.

    #69851
    Prof1914
    Participant

    Following this thread since we’re in this exact same predicament with the builder and title company in Maryland. @ttrumble was there any update on this situation?

    #69852
    JayCee28
    Participant

    Hi @prof1914! So after a lot of back and forth with the builder, they finally gave me an addendum to change title companies a couple days ago. My realtor was pushing them heavy and we got final word back from the DC and Baltimore Office Directors that their title company would not be allowed. Now will they continue to make this same exception? I highly doubt it. After speaking with my realtor who had other clients looking at the same area and a friend looking at new constructions by the same builder, the builders are less inclined to go with a NACA deal and still give the closing cost (buy down) incentive. They prefer to give the incentives to buyers who use their preferred lender and/or title company.

    #71011
    Prof1914
    Participant

    @JayCee28, @ttrumble, would you believe we’re still going back and forth on this? The builder is still insisting to this DAY that they have permission from the DC office to use their title company and that they actually just had another NACA deal signed after ours that got permission from the DC office director. According to the builder, the problem is only with the Baltimore office and that if we were to transfer to DC it would be fine, but I’m not inclined to do any of that without firm confirmation since who knows how long a transfer would take and my current MC seems to be ok. The only problem is that we’ve emailed both offices but can’t seem to get a response from the directors. I really just need written confirmation from DC of the policy.

    At this point I’m thinking about just letting the incentive go, but the only reason I’m entertaining this is because $15,000 is a lot of buydown money to just let go without at least doing all I can.

    #71019
    JayCee28
    Participant

    @prof1914 that’s crazy that you’re still going through this! I don’t know how true that statement is about them getting permission from the DC office director when he told me on two occasions that wasn’t going to fly. The first occasion he started the reply and the Baltimore director followed up with confirmation. The second occasion, the builder AND title company president were on the email chain and he reinforced what he originally said which is what prompted them to change my stuff. I hope you can get this all figured out and hopefully not have to give up those incentives because that’s a pretty penny. Good luck!

    #71027
    Prof1914
    Participant

    @JayCee28 yeah, I think they are just playing games, probably hoping to tire us out so we’ll use their lender or something.

    #71052
    TTrumble
    Member

    Hello Prof1914,

    Most likely regarding those “recent NACA closings”, the builder managed to convince the buyer to use the banned title firm and probably didn’t disclose that the buyer has the right in Maryland to choose the closing agent.

    As such, they may have convinced a NACA buyer that they had no other alternative and the buyer forced us to use them to comply with the law. Just to make it clear, it wouldn’t have been a matter of our giving the permission, but simply NACA’s adherence to the law. They may have done a NACA closing recently, but it would have been with very begrudging permission just so we stay within legal boundaries. Sadly, somebody wound up paying what normally would have been already-covered closing costs for the closing agent.

    Of course they are playing games to try and wear you out. “Their” lender is a major profit center for them, even with the “incentives”, which are themselves a profit center if purchased outside the incentive package.

    The bottom line is that YOU have the final say. That being the case, keep fighting and negotiating with them. This should be a rare opportunity to have your cake and eat it too.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

Viewing 10 posts - 16 through 25 (of 25 total)
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