Title company that does double closing in SF - Posted by Barb Chan

Real Estate Investing
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Posted by Kristine-CA on September 30, 2003 at 15:42:03:

Barb Chan: I’ve been told that escrows are handled a little differently in northern CA, but I’m sure there is someone who does double closes. It’s two escrows and two policies–and not necessarily twice the work.

Try First American. Make sure that you state very clearly that you will be opening two escrows, one to buy and one to sell. And that you are looking for someone who will allow you to use your buyer’s funds to fund your purchase. Ask other investors who they use. Call some real estate attorneys and ask which title/escrow companies they recommend.

The issue of seasoning is real with quick re-sales. I sell to only cash buyers or those with hard-money loans. If you tell the agent you are working with that you are doing cash deals (if you are), they may be more enthusiastic.

Happy hunting. Sincerely, Kristine

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Title company that does double closing in SF - Posted by Barb Chan

Posted by Barb Chan on September 30, 2003 at 15:23:01:

Hi,

I called many title companies and most either aren’t familiar with our way of doing businesses or afraid of liability issues, such as what happens to buyers if the closing between me and seller becomes problematic? Title companies don’t want to take damages. Another issue is with lenders who require the seller needs to have a season title for x months before they can make loan to buyer.

I know I need to just find a different title company and lender. But every time when I call one, I need to first “train” them what is a double closing. It’s been frustrating. Would somebody please recommend one in Bay Area that does business investors’ way?