All Forum Posts by: Shannon Wright

 Thanks Mark!!

Cole, you deposit an invoice for your fee and get paid! Here's a 2nd time where I'm tagged as the escrow officer to talk to. We talked on an FB post the other day, too.  Let's do this! :)

California is the only Escrow-driven state in the country, if you are dealing with Ca property then Escrow is neutral and doesn't favor either party, so you just want to pick the one who is the best at handling your transaction type (like me!) as opposed to location-driven. I can handle the whole state with technology and the ways of modern-day real estate. 

Title and escrow are not the same in Ca and Escrow leads the transaction, not title, like in other states.

It definitely matters which state you are referring to in order to get a better answer.

In Cali, title has no involvement in wholesale parts of a deal, so what you really need is a good escrow officer and that is what I can help you with! 

Title is the party who searches the property for issues and escrow works on resolving them. Title is more informational (aside from issuing the actual title insurance) in Ca deals....we are the only state like it in the country, so everyone will give you a different answer based on location.

Everyone is mentioning Seattle in comments but I see no location on my side, odd. 

Not sure what area you are looking for but I handle all of Cali and close investor deals all the time. :)

I have a lot of wholesalers and flippers who are licensed and do not use their license to transact. The only requirement is that you disclose you are a licensed agent, so the "knowledge" you have is disclosed and it is never misconstrued in court as an unfair advantage. 

As @Brent Grizzle mentioned, if I find out that someone is licensed and didn't disclose it, I will amend my escrow instructions to cover the disclosure as it needs to me made.

Wow, I am wondering about the legalities of this. Despite CV19, there has to be some options for you as a borrower..or they need to defer payments like some lenders are doing. This is crazy, which I had some help to offer other than "call an attorney."

So, why not simply add a clause in an Addendum or SCO? Something like "the property shall remain Active on the MLS until the buyer has deposited Good Funds into Escrow in accordance with the EMD requirements of the RPA." As Escrow, I would be hard-pressed to accept an acceptance date that is different that the usual and customary way. I have done it a few times before and it was a nightmare!

I work with a lot of investors and I had one client specifically tired of this buyer game, or the loan contingency taking forever to remove (back on the old RPA when you could have it stay until COE), so I came up with a strategy that I could offer to you, also. Open up escrows for multiple buyers at one time, there is a legal way to have them all in escrow at the same time and basically whoever performs first, wins. It is the best motivator to a buyer!

@Francis Rusnak in California we have a legal process called an Interpleader and the Escrow Company has to initiate as the holder of the funds. Not sure if there is a similar process that can be done where you're at?