Alexandria Wentland

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Rainmaker
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Only a cash buyer could do so. It is not advisable to break the chain of title as it will cause problems upon disposition.

May 14, 2020 03:41 AM
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John Meussner
Mortgages in AZ, CA, CO, DE, FL, GA, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI - Fair Oaks, CA
#MortgageMadeEasy Fair Oaks, CA 484-680-4852

Yes, but it depends

 

You have owners title insurance and lenders title insurance

To get a loan, lenders title insurance is going to be required

 

An owners policy is something I Strongly suggest, especially for buyers (For refi's, an owners policy shouldn't be pushed, in my opinion), but it is optional.

 

I've had buyers ask about waiving it, but after discussing what it does, costs, and what could happen if they don't have it, they've chosen to opt into a buyers policy 100% of the time

 

And the persuasion is easy - this is a one time fee, it protects the heck out of you, and though you'll likely never need it, if you do and you don't have it, you're going to regret this decision more than most others.

May 13, 2020 04:45 PM
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Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

The lender requires title insurance. The buyer has a choice. Would defini have them sign that they declined. 

May 13, 2020 04:27 PM
Rainmaker
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Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Chain of title for property can be easily-clear (1-2 owners) or have changed hands many times. Lien periods travel with them too. How do we know for sure? We take out insurance so as not to be bothered with nagging thoughts or real-live claims. Also lenders may insist on insurance. I have only made a claim once and it was for $5000.00. The title company wrtoe me check and then went after the claim in that order. Worth it

May 13, 2020 04:27 PM
Rainmaker
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Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Low fee, high risk. Seems like a huge risk for a seller to take and for what?

You can't take a buyer that is getting loan either, so you'd dramatically affect the buyer pool and price.

May 13, 2020 03:56 PM
Rainmaker
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Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I can give the facts and can tell them past experiences of how title insurance saved the day and the wallet. In the end the closing lawyer should provide the legal aspect of what it means

May 14, 2020 05:19 AM
Rainmaker
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Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

Many times Alexandria Wentland . I always tell them I am a strong believer in the product BUT it's not our job to sell title insurance. If they don't want it then the conversation is over.

May 14, 2020 07:11 AM
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Alan May
Jameson Sotheby's International Realty - Evanston, IL
A moving experience!

The only time I've seen that (and I have seen it) is with a true cash deal.

Our area has attorneys on both sides of the transaction, and I allow the attorneys to explain the value of title insurance.  I stay out of it.

May 14, 2020 06:12 AM
Rainmaker
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John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I have never had a client turn down title insurance. If the purchase is financed, the lender will insist on title insurance for their risk. A buyer who does not purchase title insurance for their own protection is making an unwise decision. I will explain, with help from a title officer, if necessary, why title insurance is important for the buyer.

May 14, 2020 06:36 AM
Rainmaker
4,433,184
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

No... if a mortgage is involved, they have no choice. They won't get a loan without title insurance. In cash deals, I've found that people who have that much cash available are pretty savvy about protecting their investments.

May 14, 2020 04:39 AM
Rainer
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Caroline Gerardo
Licensed in 20 states - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

 Can't do a loan without it- never know who owns, what liens might show up, or the real legal. 

"If you bought a luxury vehicle would you just trust the guy ?" 

"You are buying the most expensive thing you may purchase, what if there is fraud and you lose all the money?"

 

May 13, 2020 04:02 PM
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

I haven't! Most don't have the option as Title insurance is required when obtaining a mortgage. Savvy investors are not often careless with their investment and would never risk a potential loss for such a small cost.

May 14, 2020 07:17 AM
Rainmaker
704,532
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

I've never encountered a client of mine doing that. If they suggested it I'd say all I could to dissuade them. It's a really bad idea

I would imagine that their attorney would be in line to persuade them otherwise; we're in an attorney state & they handle title. 

That sort of thing happens more often when properties are bought with all cash at auctions by individuals without representation. Both cases I have seen the people got stuck with title issues that came up when they went to sell. I encountered them post-problem. The attorney I recommended to them did a great job of clearing up old title issues but it isn't easy & in some cases youre relying on the goodwill of those on the other end to release it. If the liens are from debts it is going to get costlier.

May 14, 2020 07:15 AM
Rainmaker
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Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

When the buyer ACTUALLY has this option, I advise, "Without a title check and INSURANCE, you can not know if there is hidden debt attached to this property. What is at risk is not your purchase cash but perhaps a $350,000 obscured debt due on sale. The seller hopes to be out of town by the time the sale triggers a reaction. Here is a Tampa news article about buyers who are EXPERIENCED in buying 'deals' who had all their past gains wiped out."

May 14, 2020 06:49 AM
Rainmaker
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Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

In IL we do not get involved with this as we are an attorney state. Any 'talk' about title insurance might walk the edge of playing attorney. You are 'giving advice' without being a lawyer.

May 14, 2020 06:06 AM
Rainmaker
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Donald Urschalitz
Lubeck Realty Group - Jupiter, FL
P.A. Realtor ABR RSPS North Palm Beach County

In our county the seller pays for title insurance so buyers will always take it.

May 14, 2020 04:56 AM
Rainmaker
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Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

I ask them - “When do you need Insurance?” Answer - Before you do ( need it

May 14, 2020 04:27 AM
Rainmaker
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Peter Mohylsky. BRIX REALTY
Brix Realty - Destin - Miramar Beach, FL
BRIX REALTY -DESTIN

Yes, if no lender enrolled, each situation is unique. 

May 14, 2020 04:22 AM
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Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate Brokered by Real - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

First to hear about this type of scenario...Lenders require it and sellers provide it!

May 13, 2020 06:50 PM
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Anthony Kirlew
Group 46:10 Network @ eXp Realty - Gilbert, AZ
Helping You Make Fiscally Sound Choices

I am not sure if my broker requires them to sign a form, but I would have them sign a form saying that they have been advised to do this and are declining against the professional advice of their real estate agent. That way I would be covered if there was a problem.

May 13, 2020 06:02 PM
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Hella M. Rothwell, Broker/Realtor®
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

That's a lawsuit ready to happen.  I would not handle that client. 

May 13, 2020 04:13 PM
Rainmaker
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Doug Dawes
Keller Williams Realty Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Nope! I do share examples I know of about people who had title insurance which usually works. 

May 14, 2020 12:22 PM
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I have not in 17+ years ever had a client turn down title insurance. 

You have some great comments here.   I echo what many others have stated. 

May 14, 2020 08:27 AM
Rainmaker
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Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY
Getting results w/ knowledge & know-how!

I leave all of that up to the attorney to discuss & advise. 

May 14, 2020 07:15 AM
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

sure and I don't always recommend it.  Example, I have someone buying a lot on friday.  she intends to build.  So in 6 months when she closed again she will buy her policy then.  Makes sense to not buy it now.

May 13, 2020 09:46 PM
Rainmaker
612,606
Eve Alexander
Buyers Broker of Florida - Tampa, FL
Exclusively Representing ONLY Tampa Home Buyers

Most of our clients hire us for our expertise...so I do not ask them if they want title insurance.

I also do not ask them if they want a home inspection...I just tell them all the things they need and they just do it.  No pushback.

Most of the time they even ask me to decide on what to offer...

Actually, I like it that way.

Eve

May 14, 2020 07:51 AM
Rainmaker
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Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

All the time... attorney issues bank policy, the buyer can have an owner's policy but cost. If you are buying a $30,000 cape and not a 1.4 million dollar McMansion, the how you spend your money is scrutinized. Many buyers say if the bank has the title insurance, if there is a problem, it's their hassle until paid off. They don't plan to still be here when the mortgage would normally be retired so they make a business decision. Lawyer's errors and omission policy also is part of the belt and suspenders and how much insurance do I really need the buyers ask? It's between the lawyer, title company and buyer. Not my call.

May 14, 2020 07:01 AM
Rainmaker
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

In Colorado, they don't have a choice.

May 14, 2020 06:56 AM
Rainmaker
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Buzz Mackintosh
Mackintosh REALTORS - Frederick, MD
“Experience, reliable, leadership”
May 15, 2020 03:28 AM
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Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Yes.  We don't persuade anyone.  We provide data and they make decisions.

May 14, 2020 10:41 AM
Rainmaker
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Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

OK, questions:

A buyer not feeling they need title insurance?
A seller not wanting to pay for title insurance?

Owner's title insurance, right? 
And what was the reason they didn't want it?

May 14, 2020 08:36 AM