I'm new to the state and the escrow companies I've talked to said they don't do any assignments of contract and I would need to have the buyer and seller sign some sort of disclosure letting them each know about the double-close. I'm not sure where I can get this. Can anyone point me in the right direction here? Please help!
Hi @Anthony DiRico , regarding disclosures... are you a real estate agent? The best place to look is California Association of Realtors regarding disclosures for real estate transactions. It sounds to me an amendment to the RPA or an addendum disclosure. If you have questions about what forms to use, I would ask your real estate agent. If not, then your real estate attorney.
@Jennifer Stutland thanks! I'm not a real estate agent in the state of California but I will reach out to the association and see if they can provide me with any. I haven't reached out to any attorneys in the state yet but will do so. I figured I'd try and save money on legal fees if I could. I appreciate the help.
This won’t be any kind of agent related disclosure. It will be something along the lines of “both the seller and buyer acknowledge wholesaler will be using buyers money to buy from original seller for $X, then wholesaler will be selling same property to buyer for $Y”....something along those lines. Most title co.s in most states won’t do this even with disclosures. If the title co. you talked to did them, they would have the disclosures they wanted.
@Wayne Brooks the reason title companies wont do this on the west coast is its a respa violation.
pert near every title co. i know will require the B middle man to bring in their own funds. even if its for a few hours.. this is what created transnational lending..
plus you have selling RE without a license issue which title company does not care about. but the BRE in CA will if a complaint is filed.
I think most folks get an assignment fee away from escrow and call it a day..
@Jay Hinrichs Yeah, none will do it here either. I just keep seeing some people say they do it some places, with some title co.s.
@Jay Hinrichs yes but I heard of a few wholesaling companies that only do double closes and nothing else. The escrow companies I’ve also spoke with said they don’t do assignments either so I’m wondering how I go about closing a deal in this state without bringing my own funds or transactional funds to the table
you don't,,, real estate takes money other wise get a license and do what most do and put the homes on MLS. but you can pay for wholesaling Guru's course that will tell you differently .. while they drive away in their lambo with your money.