Double closing with REO title company?

Question

I have a 2/1 house in Milwaukee WI under contract that I plan on wholesaling. I am a buy and hold investor so this will be my first wholesale. I would keep it as rental but I closing tomorrow on a different house so I don't have time for this one.

Can I do a double closing with the banks title company or do I need to find my own title company?

Ralph R. · Answer

I plan on using my funds for the transaction.  If I use the banks title company they will pay closing costs and title insurance so I am looking to reduce my expenses.

I will try to contact the closing company tomorrow.  I am not fully committed to use them at this point so I can change if I need to.

Wayne Brooks · Answer

Yes, likely you'll have a problem.  By double close do you mean using your open money for the first transaction, or trying to use the end buyer's money?  You've already committed to the bank's title co., so if using your own cash, then two separate closings.

Ralph R. · Answer

I am wondering if I can use the title company the bank selects or if I need to pick my own?

Will I have an issue using the title company the bank selects?

Darren Budahn · Answer

Try Summit Title. They work with wholesalers.

Dawn Anastasi · Answer

You should be able to do a double closing.  I've dealt with a wholesaler in Milwaukee who did a double closing, so there is at least one Title company in Milwaukee that can do them.