OfflineDG Family,
I have a question? If I am doing a double closing on a property here in California and its an REO. What do I do if the Banks Title Company will not do a double. Also they almost all times will not let you use your own Title/Escrow. How are you guys getting around this?
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Hello and welcome!
1st and foremost MAKE SURE that the Title Co. understand exactly what you mean by double closing. They may think you are talking about the old way of doing a double closing. Which was to close the B-C transaction before closing the A-B, so you finance the whole deal using the buyers money. This way is long gone, but Title Co.'s will still fear you are referring to this method.
Make sure they understand you intend on using transactional funding and the funds will be wired to them to close your transaction. Also that you will be closing the B-C only AFTER the A-B transaction is complete.
I just had this conversation with the Title Co. with which my Realtor is associated. He mentioned what I wanted to do and they told him it was illegal lol. I get on the phone for not even 5 min. and they are saying "Yeah, that sounds great. There should be no problem there." LOL
So, make sure they fully understand what you are trying to do. Do not leave room for them to assume. They may hear "double closing" and think "simultaneous closing" (my above mentioned example), which will lead to a swift "NO!".
If they still tell you that this cannot be done, they are WRONG! Move on. If they simply will not do it, unfortunately I have no advice there. I would certainly do my best to make sure they understand the whole process and understand that there is really no negatives or room for them to lose.
I hope this helps! Good luck!
-Mike Hutchins
If you need recommendations on transactional-funders I know of a few. There are forum topics covering the subject which will give you some great information.