Re: Simultaneous Closings Aren’t Illegal - HELP??? - Posted by Jim IL
Posted by Jim IL on January 19, 2001 at 16:56:49:
I too am in the Chicagoland area.
Flips are not illegal, as you know.
But, when you talk to people about “flipping”, they may not totally understand what it is you are referring to.
Since the word “flip” means different things to different people, I do not use it when talking to lawyers or title companies.
If you must tell them what you intend to do, call it “Wholesaling properties”.
And if they ask what that is, tell them that you buy homes for under market value and sell them at prices under market value.
I have done several “Flips” as we call them here, and not had any problems.
Rather than call any title companies I called some attorneys.
When you speak to the RE attorneys, ask them what it costs to do a closing for you?
Then ask them if they can handle a “simultaneous close”?
Some will be clueless, and others will know what you want and accomodate you.
You may even get lucky and find an attorney who will do your double close for one closing fee, since both are done at once.
Then, when the title company gets involved, the lawyer does all the talking and sets everything up.
I did have one title company in the beginning tell me they could not do a simultaneous close.
They had never heard of it and therefore assumed it could not be done.
I just had an attny talk to them and set it all up.
To help you save some time, I’ll give you some info on local companies I have used.
There is a title company in our area called “Law Title”.
This company is owned and oerated by several Chicagoland attorneys.
This is not like a regular title company where you goto there office to close.
You get an attorney to do the closing, and Law title comes to there office with the docs and closes the deal.
Since they are owned by attorneys, they seem to understand more of the creative side to RE.
I have used them thru my attny a few times and they work well.
You may also check out Chicago title, they are good.
I have also recently used “First American title”, they closed a L/O deal for me, when my T/B’er exercised the option to buy.
In my opinion you’d be better off with an attorney who is local and can close your deals for you.
So, make some calls to local attorneys who do closings, and talk to them.
Just leave the word “Flip” out of the conversation.
And if all else fails, drop me an e-mail and I’ll give you my attorney’s name and number.
I’m just not sure if he will go too far away from where we are now.
I prefer to use an attorney to set up the closings and get it done. When I have a deal I need to close at a title company, I just call my attorney and fax him the agreements.
He takes it from there and just calls me telling me where and when to show up to sign and get paid.
I like that.
And it is totally worth the few hundred bucks I give him for doing so.
Sorry this was so long winded.