BiggerPockets

I got pretty lucky with my first REO flip that's in escrow that's closing this week... I bought it from TB&W and they let me choose my own escrow and title. Smooth.

Now what? I'm starting to make offers from the MLS and reality hit that they don't let me choose my escrow and title. I'm located in Los Angeles, CA and want to know what everyone's doing to get around this issue? Any advice would be greatly appreciated.

Yes, I'm doing double closing. As swamped as REO escrow companies are... I wouldn't want to use them to to a double closing on a deal.

MLS... going after deals that have sat on the market for a long time and I'm calling the agents to make sure I'm not competing... otherwise, your right, I'm wasting a ****load of time.

Will, seems like your doing REO flips, any advice on how your getting your deals and what your doing with title/escrow? Also, who are you using for title/escrow in CA for double closing on REO?

Susan -

In terms of how to find the great REO deals, let me recommend that you start building relationships with the big REO listing agents.

They control the inventory, and they can help you get your offers accepted over other buyers (and better offers) if they really want to. But, they have to want to.

If you can get your agent license, this will go a long way towards helping you build these relationships. By having your license, you can do all the work on the deal (other than submit the offers to the seller), and then hand your side of the commission to the listing agent.

There is no better way to make a listing agent happy than to do all his/her work, and then hand them all the commission.

Do this once or twice, and they'll start calling you with the great deals...and you won't have to worry about competition getting in your way.

Depending on the state of course:

Here in CO the buyer can legally choose any title company they want, the bank will not pay for your title insurance if you do not use their title company.