I have a buyer lined up for bank owned properties. I am concerned about using banks title company. Using their title will save on closing cost, guaranteed clear title etc.
Im trying to figure out whats the best way to go about double closing when using the banks title company. Will they try to block. Has anyone had this scenario before.
Any feedback would help.
@Trayon Simms why do you have to use their title co? Is it your banks title company or the buyers? I guess you could always just call them and ask a hypothetical question. My guess is that it won't save you substantially on closing costs, but I understand wanting to save it anyway.
If you are looking for transactional funding for these types of deals I'd be happy to discuss.
@Bob Woelfel These are REO Broker listings. They are guaranteeing clear title and covering all closing cost. I don't have to use their title company.
Oh, so you are buying these from the broker listing, but it's owed by the bank and you want to use their title co to close? I understand if thats the case.
I think it's going to depend on the bank and depend on what you do with the properties. I would imagine if you do a bunch of these deals and all you do is sell to someone else they will eventually have a problem with it. They might even right away. Now if you buy some of these and hold them or actually rehab and flip them, but you also sell some that don't meet what you are trying to do I doubt they would have an issue with that. This is somewhat of a unique situation that really just depends on the parties involved so I don't know that anyone is going to be able to give you a definitive answer. Can you close with them and use a different title company to sell it?
@Bob Woelfel Yes.. I can close on them.. I actually thought about using a different company to sell them. I’ve never done that before so I don’t know what to expect. What problems I may encounter.
I also thought about using transactional funding to close on the deals and then resale at another title company.
Is this something your company will consider?
@Trayon Simms yes we do transactional deals in almost every state....all but 4 actually. Since I don't know where these properties are I can't say definitely, but PM me and we can talk if you want more info.
You might have to explain the situation with the title company, but I would imagine they would be able to get this done without too much of an issue.