Title Searches

Bird Dogs, Wholesaling
1

Hello board, brand spankin new to the Real Estate arena. Before I go to my question, I will tell a little about myself. I recently quit my job as a vacuum sellsman with a well know $2000 per “home cleaning unit” company.

I decided that if I was going to be a player in this came, a safety net would keep me from real progress. Plus to date I didn’t sell one “home cleaning unit” so I was working for free.

I am also getting married in 22 days so I am a motivated player. My fiancee has no idea that I am not hocking “home cleaning units” anymore. Needless to say pressure creats change.

Now to my question, I have decided to focus my energies on wholesaling and assigning properties for an assignment fee. I have working at this for about three days now, (been studying for three years however.). I have so far four investors lined up.

My question is, when I am making offers to sellers, getting it under contract, then presenting them to my investors, is it my duty to conduct a title search. Now keep in mind I am unemployed, but now self-employed so I desired to save as much money as possible.

Also, I believe it would be my responsibility to get any repair estimates, contractors don’t work for free anymore do they? Anyway, who does the title search, me or investor. Thanks a bunch.

2

Howdy Disciplined Uno:

The earnest money contract has a place to put the title company name and who is escrowing the earnest monies It would be a good idea to get the report started as soon as possible. It cost nothing to get this done when you take them the contract and ask to open title. It is part of their service. You want to know as quick as possible that the seller has clean title which will make it easier and faster to resell and close. I would also let the title company know that you plan on wholesaling the property or flipping the contract. Also today a lot of sellers, especially banks, are requiring pre-qualification letters. You may try to line up a hard money lender that can help you here. You do not need to close on the deal in order to flip it but it will make it easier if the seller knows you can close. One more thing to add is that banks are getting picky about and or assigns buyers. Be careful how you word your offers to banks and do not add and or assigns.

Hope this helps a bit

Ted Jr