First Potential Wholesale Deal In The Works

[Eric Johnson]

Greetings,
I have a quick question regarding wholesaling. Once I have a property under contract, should I contact the title company to start preliminary title work, or, should I wait until a buyer is in place, then, contact title company? Thanks in advance.

[Ned Carey]

Eric Johnson I would say most experienced wholesalers in the Baltimore area give it to the title company and require their end buyer to use that title company. If you know you have a good deal that will sell, there is little risk to you.

This is especially important when you have a short contract and it needs to settle quickly, Title work takes time.

I push my buyers to use a title company that I know and trust. Every time this year (3 or 4) that the buyer has chosen the title company there has been a problem. Working with a good title company you know can save a lot of headache.

If you have no current relationships with a title company then you may as well wait. Your biggest risk is that the owner has liens against the property and judgments that are larger than the sales price and will not be able to close.

PM me if you need some title companies to work with - Ned