Hi there , my name is Andrey and I am just starting out in the Real Estate Business! Woohoo! I am pumped!
I have a few questions.
#1 When I sign a contract with the seller, what is to stop them from signing another contract with another wholesaler ?
#2 When I get the buyer and seller to sign the contract, I go to the title company that does simultaneous closing. Once they prepare the paperwork , do I have to bring both companies to the Title Company for signatures.
Or is there another way around it?
well if you sign your contract and give your earnest money for deposit that is a binding contract. Make sure your contract is filled out and dated. If the seller were to put it under contract before your terms are up you have legal action you can take.
Once you have secured your buyer and have all paperwork signed you will submit the paperwork to your title company. Make sure you work with a title company that understands what you are doing. Like all parts of this business done are better then others when it comes to working with investors.
If everything is moving forward the title company will schedule a closing date where both parties will be signing and funding the remaining of the deal. Also when you would receive the rest of your money if you are waiting for the close.
Thankyou so much! One more question , is there such a thing as a national title company that does simultaneous closings. Because I've called up a few here in Oregon and some are saying that its illegal to do simultaneous closings here in OR?
Have you been to the NWREIA meetings? I've met a number of active wholesalers there-I'm sure many of them have done simultaneous closings and can recommend someone. I know one of them uses Ticor.
Hope that helps!
Hey Travis , thanks for the tip! I happen to be going to one of these meetings at the end of the month so hopefully things will go well . Once again Thank you much !
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