Title insurance company engaged in residential and commercial real estate transactions by offering foreclosure, settlement, mortgage, and legal and court services.
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Feb 13, 2012 TheMac1973 Says:
I asked a few title companies and they told me that it's illegal to wholesale properties for the simple fact that if I didn't actually buy the property myself I can't turn around and sell it it somebody else. They told me I would have to buy the property first and then I can sell it to my end buyer. A few of them mentioned they didn't want to get involved in these transactions and risk going to jail. I mentioned to them the same situation you explained here. How do I handle this issue? Thanks!
Dec 9, 2011 reiclub Says:
@wwpsolutions Thanks for your question. The answer is no, you do not have to have a buyer in place for the end buyer, it is up to them to find their own.
Dec 4, 2011 wwpsolutions Says:
Hey Frank good stuff. I am inches away from my first deal. When going to closing, I have my SELLER in place, END-BUYER (assignee) in place. Do I need to have another buyer in place for the person I am assigning it to? Or am I just closing with the SELLER and the person I am assigning to?
Thanks in advance for your advice Frank.
Nov 28, 2011 jchance313 Says:
Im a Realestate investor, information was very helpful. Will be using this method soon. Could you do a video about how to use this concept using bonds, how to maxamize cash back at closing, and ways to find agents would are familiar with double closings and title agents
Oct 28, 2011 uncledubspage Says:
Great info...I have been doing this 5 years and I never quit learning. Keep up the good work!!
Oct 14, 2011 DoubleRock2011 Says:
Frank, you give great information. Your fast pace comes across as enthusiasm and gets me pumped to get working. Thanks for the info.
Oct 13, 2011 MPPropertiestogo Says:
Great information, never heard it like that before.
Oct 13, 2011 brokemanable Says:
AS ALWAYS ,VERY INFORMATIVE ,I ALWAYS PICK UP SOMETHING FROM YOUR EXPIRENCE.
Court house research, abstracts, title commitments, title and deed recording, closings, appraisals, and more.
Video Details
http://www.REIClub.com - What Happens During Real Estate Closings? Here Are A Few Tips On Closing Real Estate As a Wholesaler...
Hi, this is Frank Chen with REIClub.com, the only site you need as a real estate investor. Today I've got quick video on how a typical wholesale closing works.
Th... More
http://www.REIClub.com - What Happens During Real Estate Closings? Here Are A Few Tips On Closing Real Estate As a Wholesaler...
Hi, this is Frank Chen with REIClub.com, the only site you need as a real estate investor. Today I've got quick video on how a typical wholesale closing works.
The first thing you have to do is find is a title company:
Title company, closing agent/attorney
- Quick - avg 3 business days
- Attorney - look over title work, cleared
Types of Closings - (money usually sits in closing escrow)
- Simultaneous closing (aka. double closing, back to back closing) - using buyer funds to close, buyer shows up first (morning), purpose of this close is to obtain cash at closing.
- Transactional - using short term third party funds to close
- Find the buyer (C of transaction) to repay the third party.
Location
- prefer using your closing agent for all real estate closings
- ease of paperwork
- saves time, energy and money
- closing agent that understands wholesaling deals - back to back closings, double closings
- make sure the seller and buyer show up at different times (morning vs afternoon)
Closing Costs - negotiable
- Wire fees
- Attorney fees
- Tax Service Fee
- Title Insurance
- Title Examination Fee
- Deed Preparation
- Etc...
- although two closings - A to B to C closing
- should not have to pay two full sets of fees
- be more flexible with seller side
- buyers are more flexible with you
Seller Closing - comes in afternoon to sign docs
- seller does not need to know profit margin for wholesaler
- draft a separate settlement statement
Buyer Closing
- prefer buyer closes first (morning) so can use their funds
- separate settlement statement
Getting Paid - wholesaler gets check for net difference between two transactions
Real Estate closings are generally pretty straight forward for Real Estate Investors. Your main objective as a wholesaler is to make sure that the A and C side of the transaction go smoothly, and that all parties are happy; more your buyer than the seller. This may require your title company to creatively structure the paperwork, to you, creatively negotiating the deal. Just remember, never throw away a deal for a few dollars, eat the cost, make your money and get out.
Again, this is Frank Chen with REIClub.com. Please take the time to leave your comments for this video below and please subscribe to our YouTube channel so you'll be automatically notified when we upload more quick video tips for you. Take care and good investing.
http://www.youtube.com/watch?v =EhV38JiD004Less
Search abstracts for lawyers, builders & home purchasers on real estate, deeds, mortgages & refinance for fee owners, banks, mortgage companies, closing escrows or settlements.
Post a comment
Local Comments (0)
Youtube Comments (8)
TheMac1973 Says:
I asked a few title companies and they told me that it's illegal to wholesale properties for the simple fact that if I didn't actually buy the property myself I can't turn around and sell it it somebody else. They told me I would have to buy the property first and then I can sell it to my end buyer. A few of them mentioned they didn't want to get involved in these transactions and risk going to jail. I mentioned to them the same situation you explained here. How do I handle this issue? Thanks!
reiclub Says:
@wwpsolutions Thanks for your question. The answer is no, you do not have to have a buyer in place for the end buyer, it is up to them to find their own.
wwpsolutions Says:
Hey Frank good stuff. I am inches away from my first deal. When going to closing, I have my SELLER in place, END-BUYER (assignee) in place. Do I need to have another buyer in place for the person I am assigning it to? Or am I just closing with the SELLER and the person I am assigning to? Thanks in advance for your advice Frank.
jchance313 Says:
Im a Realestate investor, information was very helpful. Will be using this method soon. Could you do a video about how to use this concept using bonds, how to maxamize cash back at closing, and ways to find agents would are familiar with double closings and title agents
uncledubspage Says:
Great info...I have been doing this 5 years and I never quit learning. Keep up the good work!!
DoubleRock2011 Says:
Frank, you give great information. Your fast pace comes across as enthusiasm and gets me pumped to get working. Thanks for the info.
MPPropertiestogo Says:
Great information, never heard it like that before.
brokemanable Says:
AS ALWAYS ,VERY INFORMATIVE ,I ALWAYS PICK UP SOMETHING FROM YOUR EXPIRENCE.