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Legally, the bank can require you to use their title company or closing attorney to complete the transaction, and in my experience, they really don care if you do or not, as long as you can get the closing done by the contractual closing date.
Originally posted by Jesse R:
Originally posted by eMart014:Hey J Scott, as you well know, most Banks choose their own title (or Escrow) company. So in my particular case, I closed the A B transaction with the bank title company and the B C with my title company.
1. It best to use the same title company, the escrow company doesn really matter. Before closing tell the escrow officer you need the "Instrument Number" as soon as it is available. This allows any title company to go to the county and provide the and get proof.
3. You cannot use C money to close the A B transaction. From what I been told you used to be able to, but it is illegal for 10+ years.
I used my own money to close the A B transaction (on a Monday) then turned around and closed with my (cash) buyer on Wednesday. (everything was going according to plan until) My Title company notified us that they could not disperse the founds until the Bank Air Max Tn Plus Black Title company could provide them with a proof or receipt that indicated that the deed had been properly recorded in the county office (from the A B transaction).
Hey J Scott, as you well know, most Banks choose their own title (or Escrow) company. So in my particular case, I closed the A B transaction with the bank title company and the B C with my title company. And my title company is requiring the "proof" (that the deed has been recorded) in order to finalize the B C transaction.
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Edgar, it seems you are relying on two different title companies to transfer one simultaneous closing, which will never work. A simultaneous closing can only occur with 1 title company because no 2 title companies are the same or require the same things and it can take days, weeks, or up to a month for a county to update it records showing a title transfer, depending on the county.
I wonder, how can we get around this, how are other investor getting around this issue.? I keep hearing all these so called "Gurus" talk about dry closing REOs all the time. Nike Air Max 1 Print
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That said, the asset manager needs to check the box that makes it part of the agreement, which only happens about two thirds of the time, in my experience.
It part of the standard FNMA addendum. Page 3, I believe.
I no guru, but give me a call if you looking for other suggestions or options for future transactions.
this stipulation before, but as of yet haven seen it. We double closed on several fannie in the past few months and not once was there an addendum requiring anything that might cause title transfer problems.
4. You can buy something called a Title Insurance Binder for the transaction. If you do this, you should only have to pay for Title Insurance on your margin.
And here we are a week later and still no funds, the bank title company has completely and absolutely refused to provide us with such documents. And I am wondering how are other investors around the country going about this.? has anybody else encounter such a thing? is there a way around this.?
I a Real Estate investor from Texas, and I have just recently decided to start wholesaling (double closing) REO properties (since they all over the map) but I soon ran into a problem. I purchased a property at a great discount, marketed it and quickly lined up a (cash) buyer and tried to double close on it, and that when I found out that is a lot harder than anticipated.
how are they doing that.?
Here is what I know for California:
If you use the same closing attorney (or escrow company) for both transactions, they will have access to the deed for both transactions, and there shouldn be a problem.
are REO simultaneous Closings for real
2. The transactions cannot happen on the same day. It has to be 1 business day lapse.
I assuming you used two different closing companies for these transactions?
close on the deal and he is also getting panicky about this whole situation. It seems like I missing a piece of the puzzle here and I don know what to do.
So, in the future, when you purchase an REO, specify that you will use your own title/closing companies and that should make the whole process MUCH easier.
Your comments and suggestions will be greatly appreciated.
If party C trusts you, you can also have them fund your escrow and deed them the property outside of escrow.
Thanks for your feedback J, I appreciated.
My suggestion is to get a copy of the recorded deed (showing the deed stamps) from the title company handling the A to B recording or a certified copy from the county recorders office.
There should be a legal requirement for the closing company to file the deed with the county within a certain period of time (30 days where I live). So, worst case, this is how long it will take to get the deed filed (though the county may take some time as well).
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