Real Estate Investor · Worcester, MA · Member since 2010 · 39 posts · 5 votes
Hi Fellow BPocketers!
Does anyone have a good recommendation for an Investor friendly Closing Attorney or Investor Friendly Title Company in Massachusetts ? I need one that understands Investors and is familiar with Assignments and SPECIFICALLY Double Closings for REO's.
I have everything in place apart form this crucial link...pls advise
I know this is an old thread that was resurrected, but I want to add some important info:
In Massachusetts, you can't use just a title company, statute says you must use an attorney.
Double closings (not simultaneous closings) are not illegal, the assumption on a double closing is you are using your own funds or transactional funding to fund the purchase, and then immediately resell to another party with their own funding in a completely separate transaction.
Using the end buyer's funds to fund your purchase is called simultaneous closing and is not insured by the title companies any longer. So if you are finding an attorney to handle a closing this way, it is possible the title company doesn't know the whole story. You could end up with a property with title insurance but the conditions of your transaction are excluded, therefore you're not covered.
You can also run into trouble on both double closings and simultaneous closings when:
1. The original seller is selling on a short sale
2. The property is an reo and the selling bank is selling with a deed restriction (or FNMA is selling with a deed restriction)
This is not legal advice, just setting the stage for what to look for when talking to attorneys.
Cheryl Morrill at Harry P Kotseas office in Worcester used to handle these, although I haven't worked with her in quite a while.
@Alan Segal in Needham is well versed, and will keep you out of trouble in navigating the waters of double closings.
The best advice is call around yourself and ask them " do you do or is your company experienced in more creative closing such as double closings etc." they will usually be upfront
I would contact Angie Bahr. I work with her in St. Louis under Integrity Title but they are licensed nationwide under Metro Settlement Services. They are very investor friendly. She can help you [PHONE NUMBER REMOVED] and tell her that Shari Peterson referred you.
I've cold called Title Companies and the answers I get are "No" or "That's Illegal".......very investor UNFRIENDLY answers, that's why I decided to get input from my fellow investors @BP
SHARI,
Thanks for the hookup, I'll get in touch with Angie and let her know you referred me, I hope she can help. I tried getting referrals from a local transactional funding company about who they use to do their REO Flips, but they were very stingy with the info. They'll only let me know if I use their funding to do a deal...sheesh!...But thx Angie
I know this is an old thread that was resurrected, but I want to add some important info:
In Massachusetts, you can't use just a title company, statute says you must use an attorney.
Double closings (not simultaneous closings) are not illegal, the assumption on a double closing is you are using your own funds or transactional funding to fund the purchase, and then immediately resell to another party with their own funding in a completely separate transaction.
Using the end buyer's funds to fund your purchase is called simultaneous closing and is not insured by the title companies any longer. So if you are finding an attorney to handle a closing this way, it is possible the title company doesn't know the whole story. You could end up with a property with title insurance but the conditions of your transaction are excluded, therefore you're not covered.
You can also run into trouble on both double closings and simultaneous closings when:
1. The original seller is selling on a short sale
2. The property is an reo and the selling bank is selling with a deed restriction (or FNMA is selling with a deed restriction)
This is not legal advice, just setting the stage for what to look for when talking to attorneys.
Cheryl Morrill at Harry P Kotseas office in Worcester used to handle these, although I haven't worked with her in quite a while.
@Alan Segal in Needham is well versed, and will keep you out of trouble in navigating the waters of double closings.
Im very late lol but did anyone ever find a good title company for assignments or double closing even an attorney for closing who can does these kinds of deals for wholesalers. @Shari Peterson could I be referred if its not to late shari Thanks so much