Stay away from Premium Title! Premium Title, Real Home Services Solutions, Ocwen, Altisource…It’s all the same company and they are TERRIBLE and in my opinion, a SCAM.
First, the “bidding” process. It’s rigged. There’s a userID that will bid with you to drive the price of the home up, and then they stop bidding…and conveniently, they stop JUST after the reserve price is met! It’s a total con.
You can’t PROVE it of course, but if you do like I did and TEST the theory by bidding on a few different houses and you’ll notice the same userID is bidding on those houses too in $1,000 increments! But, I’m SURE it’s just a cowinkydink. 🙂
Anyway, after you “win” the bid, you will be inundated with emails from AltiSource to sign the contract and send them the Earnest Money Deposit, which can be significant.
My EMD was over $8000 on a $291k sales price. They say you have 2 or 3 business days to get them the documents or they will cancel the sale, but you’ll never know you actually have time to read their nearly 40-page contract, because they hound you and your realtor (who is also kinda hounding you too because it’s their sale) with email after email until you get them what they want. All they want is that contract signed and your money.
And at this point, they know you’re excited b/c you just got a “good deal” on a home! You feel victorious b/c you just “won” a bid!
You’re all in and they know it and they bet on it. You read the contract and see that it is completely one sided…but this is a great deal, right? You’d be a fool not get this house!
You’re going to be optimistic about this! But if you’re smart…WALK AWAY. Do not sign anything. Do not send them any money.
There, you’re done. See how easy that was? Now for all us hardheaded folks that signed their evil contract anyway and sent them our money, this is where it gets really good.
So, they are going to insist that you use their title company, Premium Title Services.
Look me in the eyes…”Do not fall for this. It’s not worth it”. Got it? Nah, of course you don’t.
So you agree to use their title company because they’re promising to pay for your title fees and give you some small amount towards closing (mine was $450.00).
You think, “Using their title company should make the process easier, right? And I’m already out-of-pocket a lot of upfront money, so this is a sweet deal, right? Right?” LOL, no.
So a few weeks go by, and your lender starts sending you Closing Disclosure documents and you see that none of the Seller paid fees are what they said they’d pay.
So you shoot Premium Title an email that says “Hey, what gives? You guys are supposed to be paying for these title fees at Closing plus $450.”
No response. Crickets. They will completely ignore you. After about a week or so, I contacted an attorney that sent them notice to abide by their agreement to pay closing costs related to the Title fees.
I thought, even shady people hate to be threatened by a good for nothing Lawyer, so that’ll straighten them out.
But, they ignored my attorney too. No response. No acknowledgement. They don’t care.
So, approximately 2 days before the original closing date, they told my Agent that they were dealing with a “title issue” and could not close on the previously agreed closing date.
I, for one, was shocked. No contact from them regarding the Closing instructions, completely ignoring calls and emails, and didn’t even tell us where closing would occur here locally 2 days prior to? I’m still in shock…I mean, everything was going so smoothly!
Anyhoo, the contract gives them an auto-extension of 30 days to close if they have “title issues”.
I was majorly annoyed, but that that point, no sense in with fighting “the man” about his evil contract…so I let it ride for another 30 days.
On Day 29 of Round 2, I sent an email to them saying “Pursuant to your contract, you will need my approval to extend the closing beyond tomorrow, which you will not receive.
So give me my money back.” (I didn’t actually say “So give me my money back”, I said it prettier than that).
They sent me an addendum that states that the contract is terminated and that I will receive the entire amount of EMD funds back.
I sent it back in an email and asked that they send me a copy of it once the seller has signed it.
Long story short…I am still getting the run around about getting my money returned to me and getting a copy of the signed addendum.
I am going through the process now of suing them in Fulton County, GA in an attempt to at least have an outstanding judgment against them so that I may keep that glimmer of hope alive of ever seeing my money again.
In all seriousness, this is a scam. These people are shady and unethical, and even if you’re totally OK with that, they’re incompetent.
I hope my experience has given you pause and helped you to make a smart decision…which is to RUN (not walk) away from this ridiculous company.
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