Title Services for Hard Money Off Market Deal?

[Ashley Oyirifi]

I have an off market deal under contract. It’s a purchase from a wholesaler who is assigning me her contract. I’m using hard money for the purchase. The lender expects me to use a title company. This wholesaler wants to do Lord knows what. Says the title is free and clear and I don’t need title services. I’ve only ever purchased my primary home. What do you do for title services and how do you get hard money loans to close in 5 days if title services take weeks? Should I ask my attorney to work on the title in lieu of title company?

Clearly I’m very green. Any input helps.

[Stephen Dispensa]

Quote from @Ashley Oyirifi:

Thank you for your input and information. This is quite helpful. Yes, the house is not listed in the MLS. My numbers indicate that it is in fact a good deal (after getting this person to a price point I liked).

She’s now said that the title work was done ahead of time because she knew she’d be assigning her contract to someone. She has provided me information for a reputable title company who will provide the documentation, insurance, etc. So, my next question is how would you proceed? Vet the title company or dig my feet in with the company I know.

I saw a local couple close with this lender within 4 days of signing a contract, so I’m still pondering how that happened if titling takes so long. 

 So, there's a number of ways a wholesaler can close a deal. The ability to close fast usually has to do with how professional and what kind of volume the wholesaler does. This will also vary state to state quite a bit. Alot of the wholesalers down here either have their own title company or work directly with one and get title searches moving as soon as they place a property in contract. By the time they line up an end buyer the work is usually ready. Whether they are assigning the contract or doing a double close it doesn't really matter as they'll just transfer a single policy.