Wholesalers and Title Companies

1 Reply

My agent told me that wholesalers won't agree to use my title company, even when I am paying for the title policy and all closing costs. Today, I find out that the wholesaler's title company hasn't even touched my purchase contract, and we opened title a week ago - no title policy, no survey, no elevation certificate. I'm livid, since we are supposed to close in 7 days. I've never had to wait more than 48 hours to have all of this at least ordered with my preferred company.

So, my question is: is it so impossible to use my own title company? and why?

I've already asked, and they will do assignment contracts and charge the discounted investor rates.

@Ana Patrice that sounds like a pretty difficult situation and I hope you are able to get it resolved soon! 

When we wholesale properties we are very specific about the closing attorneys we will close with and are hesitant to work with others (P.S. GA is a Attorney closing state). The primary reasons for this are that we've usually started title and lien searches prior to marketing the contract for the property (so it prevents delays to closing and helps discover issues sooner) and more importantly it typically allows us to do double closings in escrow. Not all title companies will allow this to happen so we stick with people we know will allow it instead of venturing to new title shops. If it's an assignment though it shouldn't be as problematic.  

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