Double Escrows / Simo Closes in Calif.- HELP!! - Posted by David
Posted by David on January 30, 2001 at 13:39:31:
Hello to all. I need some advice. In the process of working with Chicago Title company in northern calif.
Very nice people. They are very happy to assist me in my wholesale home closings the way that Ron Legrand teaches in his courses.
The only thing that appears to be different is this: they informed me that they would have to disclose to my seller that the property is being sold for a possible profit and that the funds to close the first transaction are being derived from the “resale escrow” transaction.
Then they would disclose to my buyer and or lender if one is involved that the property is being subsequently sold for a possible profit and that the funds to close the first transaction are being derived from this resale transaction with either new lender financing. In the event there is no new financing, the disclosure should still be executed by the seller and buyer.
This is what they are set on doing. My question is this,
are any of you running into this situation? If so, how have you dealt with it? Also, what kind of negitive impact will it have on my deals with my seller and buyer? The title company does not seem to back off from this. They are intent on protecting themselves legally. this is what i am told.
I have called several other and none seem as cooperative as Chicago Title in all other aspects. This is The only possible negative I see at this time with them. otherwise they will do everything that Ron legrand says to have them do for my wholesale and flipping deals.
Thank you for your help and guidence.