Recently, I had an licensed assistant tell me that the home buyer was not allowed to use their own title company on a Fannie Mae Homepath real estate purchase. I told her to read the Banks own Real Estate Contract Addendum which clearly stated otherwise. The real estate assistant told me that it was never done, so it was not possible.
I called the listing agent, Mr. REO, a seasoned agent, who I happen to know. He insisted that the buyer MUST use the title company that they will select…I asked him to read the paragraph 2-B in the banks own addendum which clearly gives that choice to the buyer and states:
“The Purchaser has the right to make an independent selection of their own attorney, settlement company, escrow company, Title Company and or Title Insurance company in connection with this closing.”
Mr. REO’s response:
“Yes, that is what the bank contract addendum says but that is not what we do…”
Oh well, forgive me then for even bringing it up…How silly of me to forget that agents can make up their own rules…Realistically, not abiding by what the seller agreed to contractually, could be putting the seller in a position of breech of contract.
FACTS: Orlando Real Estate Contracts do mean something and Real Estate Agents who think they don’t need to follow the contract are operating under a cloud of misconceptions.
Orlando Real Estate Agents cannot call the shots. Orlando Real Estate Purchase contracts are binding agreements between only the Home buyer and Home seller…not the Real Estate Agent. Orlando Real Estate Agents are not party to the purchase contract and their only job is to follow what the Orlando Real Estate Contract says.
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