flips - Posted by Lezlie(TN)

Posted by Jim IL on April 08, 1999 at 23:34:52:

Bear in mind that I could be totally wrong here (since I don;t have a clue about TN law), but…
When I attemtped my first “flip” using a simultaneous close, the first three of the four title companies I called said that I had to “take title for at least 24 hours” before transfer.(this was apparently a common LENDER and Title comapny rule, not the law)
The fourth was Chicago title and knew better.
We did our simul close and got paid.
The title simply passed thru me to the new buyer, because it was brand new, and it is kind of hard to get an encumbrence or lien in 2 minutes. (although I’m sure it could be done by some)

Call some other title companies, and see what they say about it. Also, try to call some local RE attorneys and see what they say. Maybe even call some area investors and see what they do.
My second “flip” was done at my new attorney’s office and handled by a title company that swore they could not do a simultaneous close. That is until my attorney did the doc prep and called them to show up.
Everything went fine with that one too.
Best of luck to you,
Jim IL

flips - Posted by Lezlie(TN)

Posted by Lezlie(TN) on April 08, 1999 at 21:14:13:

I am about to do my first flip and need some info on the appraisal and title committment. In my state you must take title before you can sell to a buyer. Question… When the title commitment is being done, does anyone know if the title company will do it in my name initally since at the second close I will actually be the owner since I take title during the first close? Also, should I have the appraisal done with my name as the seller, again because when I close with my buyer, I will technically be the seller?