What is the fastest you have recieved a title commitment

Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes

I just opened escrow at 11:45 am on a Vegas property I am selling. I got my title commitment today at 3:36 pm today.. Just under 4 hours for a pre lim / or title commitment to you east coast folks. that i believe is a record for me. I have opened escrow at 8 or 9 in the morning and gotten a pre by end of business but never this quick. We close on friday.. but if we had to we could have close today..

Now that is great service.. this is WFG title here in Vegas..

whats your record. ???

Podcast Guest on Show #222

JLH Capital Partners51 Review

Website View Page

5 Reply

146 views

Most Popular Reply

Jerry W.Pro Member

Moderator

Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes

My fastest was next day. It happened to be a property they had done a committment for only a few years before, so I am sure they spent less than 10 minutes on the chain of title. I closed in 2 days. Gal wanted to leave town to move closer to her daughter in prison. My local title company is great.

3 Reply

See this reply in the discussion

29 Replies

Jump to latestLatest

Sort by

Elliot Galpern
Member since 2018 · 24 posts · 14 votes
7y
That is impressive. for me 24Hrs is a rush order.
0 Reply
Jay HinrichsBusiness Member
OP
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
@Elliot Galpern ya I was impressed.. now to be fair we own the property and its free and clear and this title company closed it for me less than 3 months ago its a flip.. and we are one of their biggest clients up in Oregon. And I know I got an intro do the Summerlin office from the state manager in Oregon to take care of me.. but this was astounding.
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
2 Reply
Jay HinrichsBusiness Member
OP
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
@Russell Brazil how bout you .. how fast can you get a title commitment/prelim title report ?
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
1 Reply
Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
7y
Originally posted by @Jay Hinrichs:

@Russell Brazil how bout you .. how fast can you get a title commitment/prelim title report ?
Fastest Ive gotten was 3 days if I recall correctly....also free and clear property, we had either a 5 or 7 day cash close period.
The way ours works is I order title with the title company (day 1)....they hire abstractor to do the title search, on a rush job, thats happening a day after (day 2) then the next day I get the clear from title if they put it into Old Republic or Fidelity or whoever early in the day, I get it in the afternoon. (day 3). Ive gotten them that quick twice, and thats it. Usually they get pissed at me if I want them quicker than 7 days.
[email protected]301-893-4635 Podcast Guest on Show #192
District Invest Group546 Reviews
Website View Page
0 Reply
Jay HinrichsBusiness Member
OP
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
@Russell Brazil yup you guys have it tough with reports having to be hand done at the courthouse.
out our way each title and escrow company has their own title plant that's all digital. and most have moved off shore to the Philippines or other places.. so while we sleep they are working up title commitments. so we don't have any abstractors out this way.. if someone has to go to the court house its very rare.
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
1 Reply
Tom GimerBusiness Member
DMV · Member since 2017 · 3k+ posts · 3k+ votes
7y
@Jay Hinrichs Depends on the client. I have completed full title searches in-house same day and settled before close of business. Depending on the jurisdiction the parties may need to agree to resolve certain things post closing.
Exception rather than the rule of course but it can be done over here.
Gimer Law516 Reviews
Website View Page
1 Reply
Tom GimerBusiness Member
DMV · Member since 2017 · 3k+ posts · 3k+ votes
7y
Originally posted by @Jay Hinrichs:
@Elliot Galpern ya I was impressed.. now to be fair we own the property and its free and clear and this title company closed it for me less than 3 months ago its a flip.. and we are one of their biggest clients up in Oregon. And I know I got an intro do the Summerlin office from the state manager in Oregon to take care of me.. but this was astounding.
That deal takes less than 10 minutes of work to agree to insure ... as long as internet access is available.
Impressive turnaround for sure but it can be done for the right clients/situations.
Gimer Law516 Reviews
Website View Page
1 Reply
Christina Linn
Investor · Member since 2017 · 83 posts · 46 votes
7y
I got title commitment AND closed in 24 hours on a purchase! I don't remember how long the title commitment itself took to get, although I know it was the same day. I spent my entire day back and forth between my small bank, the title company, and the insurance company and closed on a 20% down 5/1 ARM amortized for 25 years with a 10 year balloon the day after contacting my bank about the loan. I had to make sure everyone got their jobs done and I'm sure I annoyed them all, but I got it done!
1 Reply
Jerry W.Pro Member
Moderator
Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
7y
My fastest was next day. It happened to be a property they had done a committment for only a few years before, so I am sure they spent less than 10 minutes on the chain of title. I closed in 2 days. Gal wanted to leave town to move closer to her daughter in prison. My local title company is great.
3 Reply
Jay HinrichsBusiness Member
OP
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
Originally posted by @Tom Gimer:

@Jay Hinrichs Depends on the client. I have completed full title searches in-house same day and settled before close of business. Depending on the jurisdiction the parties may need to agree to resolve certain things post closing.
Exception rather than the rule of course but it can be done over here.
OK Tom I will remember that.. with this one we opened escrow Tuesday and wanted to close on Friday.. so I was just a little shocked that I got the prelim in less than four hours.. without really asking for a rush..
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
0 Reply
Jay HinrichsBusiness Member
OP
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
Originally posted by @Christina Linn:

I got title commitment AND closed in 24 hours on a purchase! I don't remember how long the title commitment itself took to get, although I know it was the same day. I spent my entire day back and forth between my small bank, the title company, and the insurance company and closed on a 20% down 5/1 ARM amortized for 25 years with a 10 year balloon the day after contacting my bank about the loan. I had to make sure everyone got their jobs done and I'm sure I annoyed them all, but I got it done!
now that is impressive to add the bank loan in there.. I think the best my commercial banker could or would do might be open escrow Monday close on a loan Friday.. its why he gave me a big unsecured LOC.. when I ask for this stuff he says just fund with your LOC then we will back fill.. LOL took the stress off of him.. its how we bought sherrif/trustee sales. tag unsecured line get Trustees deed or sherrif deed then tag to our buy and hold line
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
0 Reply
Christina Linn
Investor · Member since 2017 · 83 posts · 46 votes
7y
@Jay Hinrichs that’s an awesome way to do it! I honestly don’t know why I never thought of asking for such a thing. Of course, mine is a local bank and we are looking to start acquiring elsewhere, so I have to find a new lender now... I bought the last one on credit cards and refinanced.
0 Reply
Jay HinrichsBusiness Member
OP
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
Originally posted by @Christina Linn:

@Jay Hinrichs that’s an awesome way to do it! I honestly don’t know why I never thought of asking for such a thing. Of course, mine is a local bank and we are looking to start acquiring elsewhere, so I have to find a new lender now... I bought the last one on credit cards and refinanced.
yup commercial banks and their unsecured LOC we can use to buy anywhere but they will not put a longer term mortgage on anything out of their footprint.. and that's the same with virtually all commercial banks.
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
1 Reply
Account Closed
Rental Property Investor · Sacramento, CA · Member since 2015 · 1k+ posts · 893 votes
7y
@Jay Hinrichs same day! Did you need it done that quickly?
3 days is usually the standard for me, but I never even need it that fast so I haven't tested them to see if 1 day is even possible.
0 Reply
Jay HinrichsBusiness Member
OP
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
Originally posted by @Account Closed:

@Jay Hinrichs same day! Did you need it done that quickly?
3 days is usually the standard for me, but I never even need it that fast so I haven't tested them to see if 1 day is even possible.
no did not need it that day just opened escrow on Tuesday with a close on Friday.. e mailed contract over at about 10:45 am and just about 3pm the pre lim popped into my inbox.
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
0 Reply
Account Closed
Rental Property Investor · Sacramento, CA · Member since 2015 · 1k+ posts · 893 votes
7y
@Jay Hinrichs still a pretty quick closing. What kind of deal are we talking? :)
0 Reply
Jay HinrichsBusiness Member
OP
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
Originally posted by @Account Closed:

@Jay Hinrichs still a pretty quick closing. What kind of deal are we talking? :)
its cash on a SFR flip in Vegas I bought it on auction dot bomb in December and I always buy my own title insurance I don't like theirs ( auction dot bomb) or the sellers who they choose.. so I had WFG insure this.. even though if you go with the sellers title insurance the seller pays for it. but I like to know if I have an issue I can call MY company that values MY business not some random title company that does not know me.
and its a cash sale.. so pretty straight forward. buyer was using a trust they got the trust document in Yesterday as well.
so I am signing tomorrow and get my check on Friday LOL.. of course I never get checks I only accept wires for sellers proceeds. Not after some of the horror stories I have heard about with title and escrow companies in Texas going BK and sellers not getting proceeds.. NO checks only wires.
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
0 Reply
Seth Parmelee
Realtor · Wilmington, NC · Member since 2018 · 71 posts · 24 votes
7y
@Jay Hinrichs fastest I’ve gotten one of my clients was a cash feel week between Christmas and New Years and got it in a day and a half. Was amazed that we actually were able to close in 4 days due to timing with inspection.
1 Reply
Jay HinrichsBusiness Member
OP
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
Originally posted by @Seth Parmelee:

@Jay Hinrichs fastest I’ve gotten one of my clients was a cash feel week between Christmas and New Years and got it in a day and a half. Was amazed that we actually were able to close in 4 days due to timing with inspection.
yes that time of year can be slow with vacations and such.. nice job. !
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
0 Reply
Account Closed
Rental Property Investor · Sacramento, CA · Member since 2015 · 1k+ posts · 893 votes
7y
@Jay Hinrichs you're still finding good flip deals on auction.com huh? I always ignore it and just rely on my off market pipeline but I do wonder if there's much worthwhile on there with all of the investor eyes on it.
Definitely understand what you're saying re: using your own title company. I've actually given a seller a higher offer before so he would allow me to use my title company. They know our process, they're responsive, and can help us sort out the weird stuff if it happens.
0 Reply
Jay HinrichsBusiness Member
OP
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
Originally posted by @Account Closed:

@Jay Hinrichs you're still finding good flip deals on auction.com huh? I always ignore it and just rely on my off market pipeline but I do wonder if there's much worthwhile on there with all of the investor eyes on it.
Definitely understand what you're saying re: using your own title company. I've actually given a seller a higher offer before so he would allow me to use my title company. They know our process, they're responsive, and can help us sort out the weird stuff if it happens.
we get half a dozen a year in Vegas on that site. you have to really work it though.. other markets its easier.
keep in mind everything is toughest in CA with all the money that is there chasing deals..
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
0 Reply
Account Closed
Rental Property Investor · Sacramento, CA · Member since 2015 · 1k+ posts · 893 votes
7y
@Jay Hinrichs very tough in CA. That's why I don't even bother chasing deals here :)
0 Reply
William C.
Real Estate Agent · Souderton, PA · Member since 2016 · 591 posts · 414 votes
7y
@Christina Linn I thought the OP was impressive, but to add a loan in there is nothing short of a miracle. You should call Guinness, because I’m certain that’s a world record. I’m lucky to get title in a week, and loans take about 15 days if we want to hustle. But then again that’s what we are trying to do. Why would you even want to close it a day, what’s the rush?
1 Reply
Jay HinrichsBusiness Member
OP
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
Originally posted by @William C.:

@Christina Linn I thought the OP was impressive, but to add a loan in there is nothing short of a miracle. You should call Guinness, because I’m certain that’s a world record. I’m lucky to get title in a week, and loans take about 15 days if we want to hustle. But then again that’s what we are trying to do. Why would you even want to close it a day, what’s the rush?
agreed to start a loan in the morning and close that day or next is pretty remarkable.. I mean my commercial banker that I have 24 years with can really move.. but not like that !! Like I said that's why they give me a nice fat unsecured LOC so I can move and tag the secured line and not put him in a big rush.
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
0 Reply
Jerry W.Pro Member
Moderator
Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
7y
@Jay Hinrichs, that is how I closed my deal so fast, I have a secured line of credit on a house I paid off. I go in get a certified check from the bank, walk across the street to the Title company, hand them the check, they close it. Works well for smaller properties. The bank will refinance 80% of the purchase price which I pay back on the line of credit. The hard part is getting the money to pay down the line of credit for the 20% not covered by the new mortgage. I have to sale a property or refinance a property with a lot of equity to reload it.
1 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.