OfflineDo wholesalers need to do title searches? Meaning if i am looking at a property and then lock it up, do i need to do due dilligence or is that up to the end buyer?
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Does a wholesaler need to do a title search?
Posted on: Fri, 07/10/2009 - 06:44
You can pay for the inspection out of pocket and have your end buyer reimburse you for the inspection or they (end buyer) can pay for their own inspection.
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Hi Buffs28,
In most cases the end buyer will do a subject to a title search. If it is being financed by a lender. A clear title is needed before the lender will loan the money to a buyer. So it becomes the end buyers expense. You can also request the seller be responsible for the cost, depending on the type of transaction your doing. Ultimately it is in your best interest to have it done. Especially if it is a cash offer on your part. Much success.....Lubertha
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Do you guys find it more worth while to put the house under contract only estimating repairs and putting in the contract that it has to have marketable title, but not actually ordering an inspection? This just seems to be the best route thinking about it that way I'm not risking my money. Thanks everyone
As a wholesaler if you build a clientell of rehabbers and you provide them with a preliminary title search and an extimate of repair costs you could get paid as soon as they accept the deal. Why? You have done all of the due-diligence and if they are knowledgable enough about the area they and they have done business with you in the past you may not have to wait for them to close on the deal but pay you ASAP
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