Posted by Kristine-CA on June 09, 2005 at 10:06:58:
Where I am I don’t have many choices since there are only the national
title companies. The smaller one I used in the beginning was bought
by a national company. The only smaller companies left are ones that
are created to do escrows for a developer and only do the deals for
particular developments. So my only choices are the large national
escrow/title companies. Kristine
Why are they telling me Flipping is Illegal? - Posted by Derek
Posted by Derek on June 08, 2005 at 09:08:15:
Ok,
Here is the situation. I am in the process of getting my team now (and if anyone can give me some referrals for some good RE buying agents, attorneys, inspectors, tax advisors, and title companies in MD/DC/VA area it would help alot. Just email me personally at proane277@aol.com) and I am looking at different RE attorneys to help me on my way to financial freedom. Well when interviewing potential candidates, I made sure to ask certain questions one of which was, do you have experience working double closings? And every single one of them (about 8-9) said yeah legal ones. Then I asked what are illegal double closings? And again all of them said ones where you use the retailer’s money to buy the seller’s house. The said you have to have all of the money when you buy from the seller and then you can sell it to the retailer. Now from the books, etc. that I have been reading this is not how it works!! Why is everyone telling me this and is there any truth to it? I live in MD if it makes a difference.
Sincerely,
Derek
Re: Why are they telling me Flipping is Illegal? - Posted by Kristine-CA
Posted by Kristine-CA on June 08, 2005 at 20:49:51:
The gurus and books don’t give details about the ins and outs and
legalities for each state. There are escrow agents and lawyers who will
simply not do what you are requesting–using your buyer’s funds to
fund your purchase with the seller.
Make sure that you are explaining it correctly. You are looking to open
two escrows, pay two escrow fees, buy two title policies. But,
regardless of how you explain it, there are escrow people who will not
want to do this. There are escrow people here in CA who have
directives from their legal departments not to do this.
It’s definitely up to the closing agent, so network with some other
investors in your area and find out who they use to close investor
deals.
Best of success in getting your team together. Kristine
Re: Why are they telling me Flipping is Illegal? - Posted by DoubleJ
Posted by DoubleJ on June 08, 2005 at 16:00:27:
I hope someone addresses your question. I was hoping they would have by now. I would guess that you would need to execute the deal as an assignment if you are pressed for time. If not, then continue contacting title companys, or real estate attorneys until you get a good one. Im just as new to all this as you are, and hope that you find guidance on this issue.
Re: Why are they telling me Flipping is Illegal? - Posted by steve
Posted by steve on June 08, 2005 at 23:57:04:
In finding closing agent who does double close, is it better to go after bigger companies or smaller companies? Which ones have you had success with?