All Forum Posts by: Mark Sloan

I have a seller that wants to use their closing agent but I would rather use mine since I am looking to do a double close (wholesale deal).  The property is here in GA and the seller is in TX (and wants to use their closing company there). Isn't it required that the closing/title company be in the same state? 

Also, my contract doesn't state the location of closing (lesson learned) but it does say "emd will be held at 'insert my closing attorneys office name here'". Is that grounds to say we have to close with my attorney based on the contract?

Thanks!

So the closing company doesn't have to be in the same state as the property?

I'm currently have a property under contract and the seller wants to use their title company. How do I avoid this? I was planning to do a double close. My contract doesn't state where closing will take place (lesson learned) but it does state where the EMD will be held which happens to be my closing attorney.

Any help would be appreciated! Also, does it matter that the seller is in another state? Doesn't the property & title company have to be in the same state? Thanks!

Hey guys so I have a property under contract I found a very serious cash buyer but he is requesting that I pay closing costs. I would still make a profit but I just want to know what I'd be getting myself into by agreeing to pay it. 

If the purchase price is $25k how much should I expect the closing costs to be? I want to make sure my price works for both him and I. The title does have a lien but that will be paid off with the seller's profit (not sure if that would add on). Thanks!!

Hey everyone! I appreciate all the help I've been receiving so far. I have a property under contract to wholesale with some potential buyers buy I'm just a bit confused about exactly what I should do next. The owner does have have a lien but I was able to confirm the amount with the county and offer him a price that will cover that. But I still want to make sure the title won't give me major problems when I officially close.

I think I read somewhere that you can start the title search process before closing (before the buyer signs a contract with you?). Is that true? And if so, how do I go about doing so? I don't really have the funds for that and it would be better if it were taken out of the end cost. 

Please help if you can. Thanks! 

Hey I am a wholesaler in the Atlanta area and I finally have a property under contract. I was able to check recent sales and saw where 2 other distressed properties have also sold on the street where my property is located.

The tax assessor site is not up to date on the sales so I do not have access to the new owner's information. They were listed by real estate companies and I have the buyer's/seller's agent information. Should I reach out to them for help? I emailed a buyer's agent for one of the properties and he said he would happily relay the information to his buyer but I want insight before I send him everything. Not sure if they want a fee or how that process works.

Also, I can access recent sales on a county platform for $5/day to gain access to the transaction but of course I would rather attempt to get the information in a more resourceful and economically efficient way. But then again $5 could save me a much more costly expense if I have to pay the realtor.

I appreciate the help in advance! Sorry for rambling.

Thanks guys! The attorney mentioned the issues weren't too big and should be easy to fix so I feel a bit confident about it being cleared. I've found a few buyers. 

Is there a way to get a title search done for free? I read somewhere that you can ask them to take it out the final transaction. Just not sure how to go about doing that. Thanks!!!

Hey guys I would love if someone could please help me. I've decided to jump right into real estate wholesaling and I've found a property to put under contract. The seller explained that there are liens and that he was willing to let it go for the amount to cover the liens.

I was able to confirm the liens due with the county so I sent the seller the contract with the amount.

Before he is willing to sign it the seller told me that his attorney advised that I call him. I called his attorney and he explained to me the lien amount (which I already knew) and that there was a possible mortgage issue from the 1970's that could be proven with documents from the seller or it not he could *override* it. i can't remember the exact term but the context makes me believe that what it is. i didn't want to sound like a newbie since it was the seller's attorney ;/ 

He offered to do the transaction for me

but my only issue is that my contract states that I would be given a 14 day inspection period. I explained to him that I was considering someone else  and that I'd get back to him to give him time

Because of the issues with the title does he have to do it? Or can I tell the seller he can sign the contract and the title company/buyer's attorney can work out the issues? 

The attorney was kinda pushy. I told him about my 14 day inspection period and he said he imagined that the seller would want to close much sooner than that. I kinda don't want to work with someone who rushes like that. 

I really appreciate the help in advance. I feel very confident and I refuse to let this be an obstacle that stops me

Thanks.

Also, I'm in Atlanta if that helps. Thanks!!!