Hi all.
Started learning wholesaleing in Feb of 2011. Since then we’ve close on 5 deals with many ahead of us. I still have plenty of questions, but my most pressing right now is how can we speed up the title search process the title company uses? It’s takes at least 2 weeks to get the commitment back, and we are strict on not advertising until we have clear title. Not to mention if we have to clear up any leins. I’ve read wholesalers closing deals in as little as 2 weeks from getting the property under contract. HOW? Any and all feedback welcome.
All title companies seem to take at least 5 days. But 2 weeks for me is about the norm, depending on how busy the title company (I prefer to use) is. Realistically - some title companies can get the commitment in as little as a couple days - but you have to find the right title company to deal with. So if yours is not going fast enough, I would call all the title companies in your local area and see what their turnaround time is
I’ve only bought my own personal residence but after living in it and remodeling the homes I then sold it for a profit later when I was ready to move on.
If this problem is a significant problem may I suggest a solution. Offer to pay more if the search along with full title insurance is issued to you within 5 work days. Know what you’ll be willing to pay should the company be able to do it.