Title Companies That Do Double Closings
Maybe there is such a thing on this site - haven't come across it yet, but wouldn't it be great to compile and maintain a state-by-state listing of Title Companies that do Double Closings?
I must have called a dozen Title Cos here in Indianapolis and still can't find anyone that does them, little less even know what they are.
If I'm not mistaken D/Cs fall into a "grey" area of law. Meaning that if you know what you're doing, they are perfectly legit, but to someone not "in the know", they may sound a bit shady.
How about putting together a list as a resource? (I'm volunteering to maintain it, if need be.) That would be a great for us wholesalers! Meantime, does anyone know of any place in Indianapolis that does D/Cs?
Thanks!
posherov
I would look for real estate attorneys instead of title companies. They would be familiar with the double closing aspect. If they cannot do it themselves then I am sure they would refer you to one. Title lawyers make there money from the amount of closings, real estate attorneys make it from working the deal. Therefore Real estate attorneys would be more apt to know about it.
Good Luck,
Kyle
I'm looking for a good attorney in atlanta that handles dc's as well. What's the deal? I've been calling around for the past couple of weeks. It's like I'm speaking a foreign language.
Hlprops,
You may be. Sometimes these are called back-to-back closings or even double escrow closings.
I cannot imagine a title company that couldn't handle one. I agree that you might find it easier if a real estate attny called to set it up.
The other option is something called a Letter of Direction in which title passes directly from your seller to your buyer with written instructions for the title company to pay you along the way.
Mark
When you're calling a RE lawyer, forget the fancy language...just tell him/her what you're wanting to do & don't try to characterize it for lawyer as "double closing" or anything else...just describe the deal, and you should have no trouble getting it done right.
There are jillions of RE closings every day with 3 or more parties, so this is by no means anything special or different.
But, just like trying to tell a dentist what kind of dental problem you have, it's better to just tell him/her you have a tooth ache, and let him tell you what's involved...even though you know.
In fact, it alerts many professionals that the client/patient-to-be may be some kind of know-it-all nut whenever that client/patient tells the pro all about what needs to be done & how.
I've had this happen & wouldn't even begin to handle a legal matter for such an "expert".
Quote:
On 2004-04-14 11:06, commercialking wrote:
Hlprops,
You may be. Sometimes these are called back-to-back closings or even double escrow closings.
I cannot imagine a title company that couldn't handle one. I agree that you might find it easier if a real estate attny called to set it up.
The other option is something called a Letter of Direction in which title passes directly from your seller to your buyer with written instructions for the title company to pay you along the way.
Mark
Forgive my ignorance but who makes the 'Letter of Direction' and does a seasonal claus still apply to them?
I'm trying to get started in real sate investing by doing lease options and double closings/escrows. The biggest problem I see is finding the a buyer that does not have a seasonal claus lender.
I know a very good title company that does a lot of double closings, they are located in Dallas, but they will close in every state.
Title Seasoning is a issue with many end buyer's lenders. You need to help those end buyers by pointing them to Loan Officers that know what lenders do not care about title seasoning.
I use First American Title they probably by you too
Try
Guarenty Title Company. [ Edited by alesia_rei on Date 01/14/2005 ]
Most Hard Money lenders will provide you with a proof of funds letter which will be sufficient. Talk to your lender(s)
If you dont mind, can you provide me with the names of the lenders that will provide a letter. This particular lender does not.
I would look at the lender list on this site and call a few. None of the lenders I work with loan in VA but every one I have spoken to sent me a proof of funds letter once I supplied some basic information.
That is usually what I do send out. But, then I started thinking that a lot of my buyers will be landlords and the ARV and repairs info is not necessary and just sort of clutters it up. They want to see rent info.
?
Oh well I guess you can just add the comps for rent in the area, to everything above. I would leave the ARV though, you never know they may want to do a rent to own or, just would like to know what their property may be worth when they are ready to sell.
Oh yes it can be done. If you want to find someone to flip it to. Look in the classifieds of your local paper for ads that say "We buy houses, etc." Call the number and talk to them. Ask them what type of house, where, can they buy for cash, do they take assignments, etc.
You can also put an ad in the paper yourself. "Handyman special, 4/2 address, call #." You will get tons of calls.
This is a very good way to get started. Good luck.
jhlu87 suggested to determine the value by "using the tax assessed on that property and essentially reversing what the tax assessor does. ie. taxes divided by tax rate." REMEMBER, many tax districts base assessment on 75% of FMV so as not to spend the rest of the year responding to appeals from taxpayers. Be sure to find out what the ratio of FMV to Assessed valed is in your county or you could be undervalueing (is that a word?) your property by 20-25%.
Hello. I will be moving to the Chicago within the next week. I am also interested in getting into real estate investing. Also a college student. I will be starting at DePaul and majoring in real estate within the next two weeks. I think that we should definitely do business together seeing as how we are all college students with a common goal. Please reply if interested.
Thanks