Buying without a title company

[Kujtim Beganaj]

I am  a Realtor in Lancaster, PA. I have been working with an investor who owns his kitchen, bath, flooring business on multiple properties now. He produces great product every time!

This Friday, we are settling on his most recent Fannie Mae purchase. My wife and I like the neighborhood and have been looking to purchase in that neighborhood to live in for quite a while. We would make our current home a rental. The property was my office listing and as a Fannie Mae listing agent I could not purchase it directly. After we went under agreement with my investor on this property, I started throwing the idea of purchasing it directly from him which would benefit both of us. Of course he will get his ROI on it since he will have his money tied up into it and I will still get a great price since he purchased it at a great deal. As well as using his guys to do some flooring or kitchen remodel and then negotiate it into the sale price so I do not use too much of my cash for the remodel.

My question is, since he is getting title insurance on it during his purchase, I do not see a point of doing the title search 45 days later until I can settle on it with a conventional loan. How can we avoid the title company fees and transfer title. If not, what is the cheapest way for both of us? I appreciate any suggestions or ideas!

[Rolanda Eldridge]

@Kujtim Beganaj...Use the same title company for both transactions and save $$.