Escrow Companies
Hi all, this is my first time posting on this website but so far it's great.
My question deals with escrow companies in the quick flip situation. I am just getting started in quick flips and right now I'm getting a lot of contradictory information. For instance I have a prospect property right now and I was calling around to see what escrow companies in the area do double closings and the ones I talked to said that what I'm trying to do is illegal here in California. I know flipping is legal if you do it the right way, but they are telling me that the only way that I can do a quick flip and a double closing is if I notify the actual buyer how much I will be making from the sale of the property. I was under the impression that I didn't have to disclose to the actual buyer the purchase price I agreed upon with the seller in the purchase contract; I thought that the real buyer should only be concerned with how much I'm selling it to him for. Some one please tell me if I'm all mixed up with the quick flip situation or if there is a way to get around this.
Thanks in Advance 
Hello, Lewbaby I'm a newbie living in illinois trying to get an simular answer. To my understanding if you have the seller sign an sales and purchase contract, and then have buyer sign an assignment of agreement contract that you're suppose to be able to have the deal closed through an title company for an assignment fee. I joined an r.e. i. club and spoke with one of the investors their and they told me that the buyers attorney is the one who does the closing in the state of illinois. I hope thois isn't true, I'm trying to get an answer from one of the more experienced investors on this website if it is ok to use rehabber/buyer title company. I don't care if they know how much my assignment fee is, I just want to get started. Sorry to unload all my frustrations on you but I had to get this off my chest. www.stgvr@aol.com