Can anyone tell how to get around (legally) chain of title issues due to back to back closing? What I mean is, I would like to get a short sale approved, buy it and resale property same day without having issues with chain of title? If anyone can help me out, I would really appreciate your help. THANKS.
Well, some lenders don’t ask for a chain of title. (i know of one, and they may have changed their rules in the last couple weeks)
This is how we did ours. While we are working the short sale, we have the HO QCD the property to us, and give the title company the original. The title company showed our company in title on the commitment for the second transaction. Even when lenders asked for a chain of title, we jsut gave them the recorded chain, plus our executed original quit claim deed that the title company has. One guy I work with did 10-15 deals like that, the last maybe 4 or 5 used a lender that didn’t even ask for the chain of title.
BTW That lender is based in Florida too, just like you. TB&W.
Thanks Slondeau, I really appreciate your help.