Good Evening BP Community!
I'm mailing out my 2nd Postcard/ DM Campaign.
My question is about potential deals with absentee owners out of state or simply out of my immediate city.
Say i find a motivated seller and get a purchase agreement completed (Step 1 prior to the Assignment contract to a motivated buyer).
In your experience, what city does the title company need to be located, the same city as the cash buyer?
To put a specific example, lets say I find a deal on a house in Naples, FL and the absentee owner is in Georgia. Can close the deal in Miami, FL (My current residence.)
Any feedback is greatly appreciated.
I would suggest finding a title company in your city and speak to them first as they should have several options available for handling out of town sellers. A good title company will make this an easy process for you.
In FL the closing must take place in the county the property is in. It does not matter where the buyer or seller are. The escrow company will take care of getting everything signed by the out of state/town owner. I have bought many properties from out of state owners here in Lee county FL. I know not all states are the same but this is true for FL.
I never go to closings. In the past two -and-a-half years, my boyfriend and I have purchased 10 (soon to be 11) places in Florida, Ohio and Montana. All (except the first one when I didn't know better) have been easily handled with a mail away closing and a wire. Sometimes I need a notary and in these cases, I just head down to the bank to get that handled. I'm not sure why anyone would go to a closing in this day and age. Even if I were in town, I have better uses of my time than signing documents at a title company for an hour.
I agree it sure is easy these days to get things done electronically. I guess I am a old school and just love setting at the closing table! I love the excitement, it energizes me. I always take my kids too.
I'm currently working on my 7th buy and hold property(10 units?)- in a couple years. All have been out of state- all have been fairly easy(as easy as legal paperwork transactions can be)...
-Since I've only bought- I've always closed through the seller's title company of choice. BUT, my friend's wife is a Title/Escrow officer (and a very, very good one at that). So, every deal I've had- I've "courtesy closed" with her. I will sell my primary residence soon, and I will be able to pick them to close(finally give them some business for being so great to me).
Anyway- my point: you can do all of this remotely through electronic means. AND/OR- you can find a local Title company you like and hopefully they will "courtesy close" for you. That way you have someone knowledgeble to double-check the fine print stuff for you... You don't have to do it this way tho, just an option...
-also remember, there are apps for your smartphone to scan your signatures to pdf(and easily email), and many, many other useful electronic tools to simplify your remote transactions...