Hi, my name is Devin Wilkinson and I am new to Bigger Pockets. I am very interested in getting into raw land flipping. I have been researching all about it over the past couple weeks and I have learned a lot so far, but I am going to continue to learn as much as I can. I am planning to buy raw land in New Mexico or Texas through tax delinquent lists. I am going to start with small purchases that I can get for a few hundred dollars or so and this is where my question comes. Since it is a small purchase hiring a lawyer or title company doesn't seem to be feasible to still make a profit. I have read about it all over the internet and listened to every podcast I could find on the topic. I also have watched videos and read articles from Seth Williams including the ones on self closing land deals. I am beginning to understand the process but one area I can not figure out is the cash transfer. How do I do the cash and deed exchange when I'm hundreds of miles away? Do I send a cashiers check in the mail to the seller and have the deed mailed to me, signed, and then to the county? Is the land purchase agreement the document that ensures we both fulfil our end of the deal or is something else needed? I would appreciate any help with how this transaction is done when the seller and buyer are in different states where they can not meet in person to do an exchange. Any other information on raw land flipping would be greatly appreciated, Thanks!
If you are using an escrow agent, they would be local to the seller and the one who handles exchanging a cashier's check (or wire transfer) for a signed deed. If you aren't using an escrow agent, I would think you would get a mobile notary who would go to the seller's house since the deed will need to be notarized. You hire the mobile notary and send them all the docs the seller needs to sign as well as giving them the cashier's check. Once the notary witnesses the seller signing everything, they give the seller the cashier's check and send the signed docs back to you and then you send the deed in to the county for recording. Or you might even be able to get them to take the deed to be recorded for you since they are local.
Full disclosure, I haven't bought vacant land from a distance so perhaps there's something I've missed, but I have been through several closings on houses with mobile notaries before.
Thanks so much!
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