Banks Title /Escrow dilemma

[Susan Park]

I got pretty lucky with my first REO flip that's in escrow that's closing this week... I bought it from TB&W and they let me choose my own escrow and title. Smooth.

Now what? I'm starting to make offers from the MLS and reality hit that they don't let me choose my escrow and title. I'm located in Los Angeles, CA and want to know what everyone's doing to get around this issue? Any advice would be greatly appreciated.

[Will Barnard]

I buy BEFORE they hit the MLS and I am a rehabber (at least right now here in this market) so I pay all cash. I don't do double closings, I buy, rehab and re-sell on the MLS for top retail to owner occupants.

As far as having to use the bank's title company you have options there.
1. Buy in an LLC and sell the LLC (end buyer must be all cash)
2. Use a land trust rather than double close
3. Use transactional funds, close on the deal with the bank and then re-sell immediately with your own title company to your buyer.