Posted by dutch on March 24, 2006 at 08:22:13:
Joe,
Maybe you could elaborate? What are the traps, risks, etc.?
I do kitchen closes all the time. Not saying that they couldn’t come back to haunt me, but to date, no probs. Dot the "t"s and cross the "i"s. Get title insurance, disclose, etc.
Dutch
www.okhomesavers.com
PS, enjoyed meeting you when you were in OKC.
Can I close escrow in 2-3 days? - Posted by steve
Posted by steve on March 23, 2006 at 15:00:12:
Can I close escrow in 2-3 days if I have an Private Investor willing to pay cash for the full amount of the purchase price on the spot? If not, how fast can I close a transaction like this, assuming the Title is clear? Thanks in advance!
Steve
Re: Can I close escrow in 2-3 days? - Posted by dutch
Posted by dutch on March 23, 2006 at 22:39:57:
If it’s a private, all cash deal, why do you need escrow? Trade a cashiers check for a deed in front of a notary, file the deed, bingo, you just closed. Takes about 30 minutes.
Dutch
Oklahoma
Re: Can I close escrow in 2-3 days? - Posted by lukeNC
Posted by lukeNC on March 23, 2006 at 17:25:29:
you can close as quickly as the title company will let you do it. it could be as fast as 1 day.
Re: Can I close escrow in 2-3 days? - Posted by Natalie-VA
Posted by Natalie-VA on March 23, 2006 at 15:27:35:
Steve,
That’s a question for your settlement agent. I close quickly all the time, but I do business in their office on a regular basis.
–Natalie
Re: Can I close escrow in 2-3 days? - Posted by Joe Kaiser
Posted by Joe Kaiser on March 24, 2006 at 01:00:26:
Dutch,
Understand where you’re coming from, but not recommended these
days.
Too easy to unwind a kitchen table closing, so if there’s any money to
be made on this deal, you’ve just put it at risk.
I’d do the escrow thing just for the “this is a normal deal, done the
normal way, with the normal people” stamp. It’s a bulletproofing thing,
fo sho.
Joe
Re: Can I close escrow in 2-3 days? - Posted by ed
Posted by ed on March 23, 2006 at 18:13:05:
I closed escrow in about 7 days in CA in my last deal and I borrowed money from a traditional lender. Prelim, owner and lender’s title insurance, got the whole works. I thought that was fast, considering I had to borrow money.