Attn:Jackie in Dallas - Posted by ChrisG


#1

Posted by Jackie in Dallas on December 15, 1998 at 07:41:02:

I use Southwest Land Title in Mesquite - Mike Vullo. That’s a bit of a drive for you though John.

I’ve also used Fidelity Title Company at Bryant Irvin Road in Fort Worth, they work with investors a lot.

DO NOT use Stewart Title Company on Hulen in Fort Worth, they can’t seem to even get a simple closing done right.


#2

Attn:Jackie in Dallas - Posted by ChrisG

Posted by ChrisG on December 14, 1998 at 19:13:45:

In a post below you wrote:

"The “escape” clause is your way OUT of the contract if you cannot find anyone to flip to.

The one I use most frequently is, “This contract is subject to inspection and approval of the property by buyer’s partner(s).”

Jackie,

That clause sounds good but what do you tell the seller when they ask who your partner is? I’m assuming that your “partner” is the person you will be flipping to. If so what do you tell them if you have not yet found some one to flip or assign the contract to.

Also what do you do for disclosure? Do you let the seller know that you are going to flip or assign their contract?

Thanks,

Chris


#3

Re: Attn:Jackie in Dallas - Posted by Jackie in Dallas

Posted by Jackie in Dallas on December 14, 1998 at 21:31:00:

I tell the Seller that I work with several partners and one of more of them will need to inspect and approve of the purchase of the property. I tell the seller that if they do not approve I’ll let him/her know asap ( I also let them know when they DO approve)I add that one of the partners may take title to the property at closing instead of me.

If the house is vacant(and it usually is) I ask for a key to the house at the time the contract is signed so I don’t have to bother the Seller to let my partners in for inspection. Sometimes we’ll agree to just hide a key somewhere on the property or the Seller will give me the code to the lock box.

I don’t say anything about the contract being assigned - they wouldn’t understand what in the world I was talking about anyway.

There is however a clause in my contract that gives me the right to assign the contract and once assigned, the Seller agrees that I’m relieved of all liability.

Since the Seller doesn’t know who my partners are – I’m usually at closing to make sure everyting goes smoothly. If I decide not to be there, I notify the Seller who will be at closing.

My title company understands flipsor assignments and handles the whole transaction very smoothly. The Seller never knows what my “partner” paid for the property.


#4

Jackie in Dallas : your title co.??? - Posted by JOHNMAN

Posted by JOHNMAN on December 14, 1998 at 22:23:08:

Jackie,

Would you mind telling me who do you use as your title co.? Like what I have been reading on this site, find the “team players” that understand what real estate investors do. I hope you don’t mind. Just trying to find the right team players.

Thanks
Johnman