Can someone help me with a title company here in chicago that do double closings. I’m looking to wholesale a couple of reo’s…PLEASE HELP
Hi,
First you need to find out if Illinois is a state where double closings are legal?
Basically half of US states ban double closings by law preventing investors from profiting from end buyers financing.
Call any title company in a whole different area of the state and ask the branch manager if they are legal to do?
If there legal you can just call around and find a manager / senior title officer who understands the process and will do a double closing.
Unfortunately half of US states prohibit double closings and I have never seen a chart or graph showing which states are which, so you just have to ask?
Good luck,
GR
Gold River,
I’d be very interested to know where you got this information?
We’ve been doing double closings for years now, continue to them
and will always do them, in various different states…
Are you flipping nationwide? We’ve never run across a state that
doesn’t do double closings, many title companies won’t do them, true,
however that doesn’t mean that double closings are “illegal”…
I am here in Chicago and can tell you that MOST title companies will not do Double Closings. Stewart Title is not even around in this area anymore from the last I saw.
It is simple, just call around to all the different title companies from Chicago Title, Attorneys Title, TiCor, etc. and just ask them.
In the amount of time you took to post that question, you might have gotten a hold of a title company that does it still.
Good luck and happy investing.
Where in Chicago are you?
I don’t know much about Chicago but I well know that in Santa Cruz Ca it’s very common.
Why are you doing a double closing to wholesale an REO? Next time sign the contract as trustee and sell the benefical interest in the trust or with a disposable LLC and sell the shares of the company to your end buyer. Either way would avoid a double close for an REO