Why no Title Insurance threads?

[somarco]

Gee. I never knew we had a limit. Is that in the bylaws or did you just make that up?

First it was a ban on one word replies, now this.

What next? Will I have to quit posting in my underwear?

 

[arnguy]

stop​

Please No More Title Insurance Posts!​

 

[arnguy]

Please, no ban on posting in your underwear. That's they way I was taught to do it by Dean Cipriano!

 

[djs]

Gee. I never knew we had a limit. Is that in the bylaws or did you just make that up?

First it was a ban on one word replies, now this.

What next? Will I have to quit posting in my underwear?

Actually, the limit only applies to title insurance threads, nothing else. It's simply because, as I noted earlier, title insurance is pretty boring. Every post in this thread removes some of the excitement of the board, making me very bored.

Unless you have a webcam, I don't care about your underwear. If you do have a webcam, I care even less.

Dan

 

[TXINSURANCE]

I normally agree with a lot of what you say, but I have to disagree with you here. I like the market to determine how many hands are too much in the cookie jar. If it truly costs 10% to sell your home and that is too much, the same could be said about health insurance agent who make 20%+ or more on premiums or life agents who make over 100%. Personally, I'd love it if we could negotiate individual and family health insurance premiums, but that is just me. Oh yeah, and get rid of the chargeback system and as-earned pay out. Who's with me?

I always respect your posts, and I would like to think I am just as big of a free market capitalist pig as the next guy - but there is one major difference.

The difference with title insurance is you are REQUIRED to buy it from the LENDER (and trust me this is not for YOUR best interest). Due to the REQUIREMENT to purchase - there is little market competition if any.

1% is basically the industry standard pricing.

How much the title company makes on it (commission) is not the issue. The issue is this comes in one flavor, one price - hardly free market.

And why no competition despite super low claims? Because it is REQUIRED to have to close your loan - and no one is going to let title insurance hold up home closing. They would charge 5% if they could pull it off - 1% flies under the radar.

And as for those people that don't want me getting 20% commission , they can buy another product (about 2000 of them) , another carrier, or whatever they want - they have choices, with title insurance you have no choices.

I just had a cash deal on a property - I could have skipped the title insurance, but I wanted the protection - I shopped it around and it was a waste of time... The deal fell through because the property was a complete piece of $#@! after inspection, another waste of $300 inspection fees... ohh well...

 

[J.R.]

You make a valid argument. The real estate's version of GI coverage.

 

[TXINSURANCE]

Here is another way to look at it...

If I bought a $300k home and title insurance was 1% = $3000

I keep my home for 5 years, or 60 months.

This equals title insurance costs of $600 per year or $50 per month.

My home is also a new construction, so VERY little chance of claims other than something stupid the builder might have done. That is another good point why new construction and existing home rates do not vary when the risk clearly does.

For $50/mo I am getting shaken down... That is my bottom line...

The NAR lobby is huge, that is really a big part of everything involving RE - huge lobby...