Has anyone had good results with a title company in the Ft Worth, TX area that accepts and understands transactional funding?
What problem have you been having with them? It's hard to believe a title company wouldn't understand it.
It's not uncommon in my area for title companies to dislike back to back closings. One reason is because the funding for the me, "B" buyer will not be funded by "A" funder, until "C" buyer has his funds in escrow. Some title companies just don't get it. Do you know of title companies in my area that welcome it?
Have you tried Stewart Title? I typically use them on Houston and San Antonio deals, but admittedly, I prefer either a P-22 escrow attorney for Stewart or one of their commercial closers handle my deals since anything outside the standard residential transaction throws residential only closers off track.
It has been several years since I've used Stewart Title. My last experience with them was buying SFR's for rentals. I will give them a try for transactionals. Thank you for the idea!
I would definitely recommend the Rita McGee office of Alamo Title. They are based downtown Ft Worth on 10th St. I do all of my closings with them, whether double close or assignment of contract. Shylia is great to work with. Give her a call and schedule some time to meet her. You won't regret it. And tell her Anderson Schulle sent you :-)
Anderson, thank you for this suggestion and information. It sounds really good. I will tell Rita that you sent me!
I recommend Kristin Emmons at Alamo Title - Southlake. I have closed closed to 100 deals with her. She knows the double close very well, and is familiar with transnational funding. She can close at offices in Dallas, Plano and soon Fort Worth. [email protected] Office: 817-992-1500, Direct: 817-455-0013.
Thank you Seth, this is valuable information!
Hi everyone, I"m trying to figure out how to do my first deal and was hoping someone here could help since I don"t know anyone with this kind of knowledge. There is a property that I want to put under contract. The ARV is $ 179,000.00 and they are asking $ 58,000.00 it"s been renovated and move in ready. I would like to use a 3 month Transactional Funding to purchase property outright and then sell as ASAP. It"s from a hedge fund co. how do i send the cheque? do I fedex it. or make copy and email it, and what contract should i use, a Purchase and sale Agreement or an Assignment?? how do we send these contracts, email,fax, fedex? is there someone that can partner with me? can be reached 780-818-4368 thanks in advance for any help, Ezra
@Account Closed Those numbers sound suspect. I would be highly skeptical that a hedge fund were to buy, renovate, and then sell at 30c on the dollar. You should consider getting some feedback from experienced investors in that area to bounce your deal off of.
@Don Womble Do you mean having your B-C transaction (the real funding) happening before your A-B close needs to be paid? A "double close" without outside funding?
Or transactional funding meaning having outside funding provided by a short-term (like 1 day) lender put up the funds to close the A-B first, before you get the B-C funds in?
Please update us as you filter through the suggested title companies. Texas has historically been more difficult to find title companies that get back-to-back closings. There seems to be more of them than an any other state that want some "separation" ( maybe 1-3 days) between closings. There is not good reason for them to require it; but it is generally comforting to them that there is true separation between the deals, so that no one can claim that the end-buyers funds are being used to close on the A-B purchase. Among national companies Fidelity is usually a good choice, although some local offices of most national title companies still will not like same-day deals. When speaking to any of them clarify that both transactions will be separately funded, or "wet" funded. Thanks,
You are correct; close AB first with one day funding then close BC .
Thanks for your comments. I always make an attempt to clarify that both transactions will be funded seperately, but I appreciate your reminder. I will update as things progress.
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