It’s no secret that you get what you pay for in life. This does not mean you have to overpay for a service or product, but finding the cheapest price should also not be your guide star. Ultimately, there will always be a cheaper alternative, but is the cheapest option is typically not the best value for your money. When it comes to real estate closing and title service providers, it’s clear that cheaper is not better. For most consumers, the primary value drivers for a real estate closing are legal oversight, secure communications, remote closing capability, timely correspondence, and simple and efficient process. These value drivers should be a baseline for any decision-making on a closing and title services provider. This means that when shopping for a closing and title services provider, price alone cannot be your deciding factor, especially when the baseline value requirements have not been met.
If price is the determining factor alone, the question then becomes, what was it worth to (i) have a non-attorney oversee your closing where a title issue was not discovered, (ii) travel across town to sign closing documents in person when it could have been done digitally from your work or home, or (iii) never be able to reach anyone during the closing process. What seemed like a good idea at the time of engagement of the closing and title services provider, based solely upon them being the cheapest, has now come back to become major headache for you. All of this also assumes that the closing costs you were quoted at the time of engagement includes all of the actual closing costs charged by the closing and title service provider. In the end, when making a decision about the selection and engagement of a closing and title services provider, consider the value you will receive and not just the price you pay.