Why are some Title/Escrow Companies Clueless to P&S Etc

Why are some Title/Escrow Companies Clueless to P&S Etc

Tracy, CA · Member since 2016 · 13 posts · 1 vote

Has anyone walked into a Title/Escrow company to inquire if they do P&S and assignment contracts and they had no idea what that was?

Did I happen to pick the wrong office? 

Looking for feedback on how to approach a title/escrow company and inquire about the process.

(In California)

Thanks

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  • Wholesaler · Dayton, OH · Member since 2016 · 252 posts · 227 votes
    9y

    If they don't have any clue, just move on. It's hard enough to find a title company that DOES understand the process and is ALSO really good. You don't want them bumbling up your deals.

    It's very understandable that title companies don't understand assignments and "outside the box" deals, as many are just part of the MLS/Realtor system where everything is done a certain way, day in and day out. It's also why so many realtors look at you like you have two heads when you suggest that you have off-market deals their investor buyers might be interested in. *sigh*

  • Wholesaler · Dayton, OH · Member since 2016 · 252 posts · 227 votes
    9y

    Ah, I forgot to mention, your best bet is to reach out to other wholesalers in the area, or even just go to REIA meetings and ask other investors (wholesalers or not) what title companies they like. If investors are using them, they are probably good at outside the box deals.

  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    9y

    Hi @Lawrence Michael,

    We really don't say "P&S" in California. We say purchase contract.

    Assignment contracts also represent an incredibly small percentage of real estate transactions.

    The first time I did a Fannie loan for a wholesale deal, I had to explain to literally every single person in the process what it was.

    Hey @Shannon Wright, go do this dude's escrow.

  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    9y
  • Tracy, CA · Member since 2016 · 13 posts · 1 vote
    9y
    Thanks everyone
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