All Forum Posts by: Kaz P.

In a case where the seller/bank chooses the closing agent I think there could be an upside letting them handle the initial title work before you hand it over to yours for the B-C side.

I've read that choosing your own closing agent was ideal because they (your closing agent) has no fiduciary duty to the bank or seller that may have an issue with you making a profit.

That was explained simply thanks

Ok I get what your saying in some cases where there are resell restrictions. In a double close purchase the property using transactional funding locking your buyer in escrow first, but using a different closing agent to close the second closing.

Do banks look at land trusts as something shady? I've read other investors using them with no challenge. I just want to make sure that I am using the write paperwork and method.

Is there another document I could use for wholesaling without selling my entity? For instance in a double close...I have read about land trust but a little unclear about the process of setting it up. I'm concerned if I can use it over and over to close deals. Can you do this HUD properties? Insight on this would be very helpful and appreciated.

J Scott Investors who wholesale REOs that currently do 10 to fifteen a month should buy an LLC everytime? That would slow things down unless you have them already created and waiting to submit offers. Please clarify

Hey Mike

You will probably want to make sure that you have a memorandum of contract to lock your buyer in before you let them inspect or examine the property.

Having an open house and a line so to speak, of buyers showing up will sure to get you a deal. Especially if your is deal is good one.

Taking pictures and a video is a good idea. You will want to check with the owner to make sure it's cool to schedule a time. Time constraints sometimes can't be helped...However, nothing worse than a tenant that doesn't clean up...

A good source I believe are apartment owners that are in foreclosure court. You can get a list from the court house...I think it is called a Lis pending or a NOD (notice of default) Some states could have different names for it. Another one is build a good relationship with a broker. They will send you pocket listings before they hit the market.

Eric Tooley

No. I would have them sign if they are going buy before going to the property.

Frank is right based on my research but make sure you put in your initial contract to allow your buyer(s) to enter the property, inspect or examine, holding the seller harmless of anything that could occur.

Frank Iglesias

Is it a matter of requiring your potential buyer to sign the memorandum in addition them signing your contract? You and the buyer would have to get it notarized?...Just trying understand

I was referring to using transactional funding focusing on cash buyers. I spoke with a title company and was told that there was scrutiny with some underwriters and no one was doing it. obviously an issue for them. I guess they assumed I was talking about financing a wholesale deal which was not the case. Although Hard Money could be used in some cases. However, my concern is the closing strategy that I need to focus on when searching for a investor friendly title company and explaining the process to them.

What are the scrutiny issues that some underwriter's face when doing a simultaneous close or a back to back close? Can simultaneous closings cause delays in recording the deed? (REOs)

What is customary in Illinois?