Posted by MM on May 06, 2006 at 19:12:39:
It could be you, the investor, or even the seller for that matter. It depends on what you work out. It doesn’t have to be one or the other. The lender they use may want to chose the title company, so don’t have one done until you find out which one they plan to use, or it may just be an extra expense.
Title search - Posted by Brandon
Posted by Brandon on May 06, 2006 at 15:38:47:
I’m looking to wholesale a property. i want to put a property under contract, then flip it to another investor. In these situations, who is responsible for ordering the title search? Is that my responsibility as the wholesaler, or the investor I flip to responsible for this? Tnanks
Luke and Michaela are on point! - Posted by IB (NJ)
Posted by IB (NJ) on May 08, 2006 at 18:54:58:
Many wholesalers miss the benefits of doing the title search themselves such as:
Like Michaela said, no surprises. There’s nothing worse than bringing your end buyer in only to look stupid and like an amateur because title problems suddenly creep up and delay or kill the whole deal.
The biggest delay to a wholesale deal reaching the closing table usually lies in the title search when ordered by the end buyer. I can’t tell you how many of my buyers can’t close on time because “we’re still waiting for title”. With the title work already done, I can insist on my end buyer being serious and closing in 3-5 days.
As a wholesaler, CONTROL is everything. The primary way to maintain CONTROL is to order the title work yourself. You can still have you end buyer pay for it.
Re: Title search - Posted by michaela-ATL
Posted by michaela-ATL on May 07, 2006 at 19:27:45:
when I wholesale a property I will usually do my own title search before I offer it for sale. That way I know that there are or aren’t any surprises. Since I usually deal with old properties it will help the closing attorney, if I can pinpoint transfers by giving them copies of deeds.
The buyer will chose his/her own closing attorney who will then do a formal title search
Michaela
Re: Title search - Posted by lukeNC
Posted by lukeNC on May 07, 2006 at 06:20:56:
The investor you flip to will have their own title search done. But, you can make things much easier when you have title all ready to go.