All Forum Posts by: Lucero Cruz Narino

Hey @Lucero Cruz Narino, 

I have been working with Albatross Title Services for the past year and have only positive things to say about them. Their communication is clear, and they are very knowledgeable when it comes to any creative deal structure.

https://albatrosstitle.com/

A contract doesn't become legally binding until you have Earnest Money Deposit in Escrow with your title company. As soon as you get a property under contract, open escrow with your preferred title company and let them know that you will be assigning the contract so they can start working on the title search. I would advise them to hold off on the lien/municipal search because that one is costly, so you could wait to have a buyer aligned to run the latter.

You don't have to pay anything for escrow; you are just opening the transaction and validating the contract by sending the EMD.

Feel free to reach out with any questions!"

Hey @Lucero Cruz Narino, 

"I see quite often wholeselling having issues reselling those contracts cause Buyers see how much you paid and wanted to buy straight from your seller." This is not an issue at all, at least in my company. 

We assign 90% of our deals and disclose on the assignment contract how much we are making. You don't have to tell them how much you got the property for until you have already negotiated the selling price and sent out the assignment agreement. If they agreed on a number, it is because it works for them, so why would it make any difference what you are making on it?

Our buyers understand the amount of value that we provide and know how much it takes to get a real deal, so they are not pocket-watching. If you get a buyer like that, I would just not do business with them.

I see ,

What about the seller ?? When the title company doing all escrow and we all have to sign it ( seller , me and my buyer ). Will my seller see how much I am reselling his property for ? 
if so , what do you recommend to avoid that ?

Double closing ? 
if so , I see some builders who want you to use their title company and in that situation , I don’t think I will have a way to ask him to double close 

Yeah... That's why you have a due diligence period or inspection period inside the contract that protects you... if you don't find a buyer you cancel the contract. But you need to open escrow otherwise you are somehow failing or cheating the seller. There needs to be a third party assessing the transaction from the beginning.

very good point … so I do have to open the escrow once the seller provided me the contract. It does not matter if I find a buyer yet ….. so I have ended up not finding one and I am not willing to buy this property using my owe money , if I step out the escrow without buy it , I loose my deposit and probably the escrow fees also ?

In theory, once the contract is signed you should open escrow immediately. Because you have some dates you need to meet written out in the contract. Opening escrow with a title company is what starts the transaction and the seller is expecting that to happen right away after they sign. 

buyer, I don't typically send anything to title until I have an end buyer but everyone does things a little differently and I have a really good relationship with our title company so I know how they do things and their turnaround times on stuff which makes it easier to do it that way as well.