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Updated about 6 years ago on . Most recent reply

User Stats

31
Posts
2
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Devin Wilkinson
  • Specialist
  • Johnson City, TN
2
Votes |
31
Posts

TITLE COMPANY DELAY !TIME URGENT!

Devin Wilkinson
  • Specialist
  • Johnson City, TN
Posted

My partner and I have a property under contract and a buyer we are going to assign it to ready to close but we have not yet signed the assignment contract and given it to the title company. We gave them the purchase and sale agreement a month ago and they said closing tomorrow (01/08/2019) would not be a problem. We confirmed that a week or more ago. The title company is now saying that the closing might be pushed back to Wednesday (01/09/2019) but the purchase and sale agreement has a closing date on or before 01/08/2019. If it gets pushed back a day the Seller said he will default and not sell the property (we will also lose our earnest money). This is our first wholesale deal and we still don't know the process too well, and we struggled to find a buyer initially leading us to come down to the wire like this. We don't know what we can do if the title company says they cant close tomorrow. If its because they haven't had the assignment contract in advance enough is there anything else we can do? Could the buyer buy the property with his funds and have a separate document that shows he will be the owner or something. Outside of the title company. We do not care about the assignment fee so much, we just want our very first deal to go through and not fall apart at the very last second. ANY HELP WOULD BE APPRECIATED!! This is very time urgent!

Most Popular Reply

User Stats

625
Posts
601
Votes
Matt P.
  • Investor
  • Columbus, OH
601
Votes |
625
Posts
Matt P.
  • Investor
  • Columbus, OH
Replied
@Devin Wilkinson and this is why people crap on wholesalers lol. You went into this deal with no idea what you are doing.

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