If you are unable to do your own title work, you are gambling that there is nothing wrong.

Are they asking the wrong questions to Pensco?

From the property inspection and proposed construction scope you can assemble a budget of what could possibly go wrong with a property over the next five years.  

Am I wrong?...

Wrong.

If that's the case, then when a contract is signed, your attorney or title company would submit the contract info here to be recorded for public/government record keeping,  essentially making the transaction legal and binding in the eyes of Uncle Sam.I could totally be wrong, as I'm not familiar with NYC RE, but if I were a betting man I'd say this is probably pretty close.

First go learn about wholesaling then comeback and bash on the specific things those wholesalers you speak of did wrong not just call all useless and not needed. 

I'm always willing to share "what not to do," since I managed to do everything wrong the first time.

Guess I got that wrong.

Being from the area, i feel as though i am hyper-sensitive to over-paying and may wrongly dismiss a few deals becuase of my familiarity with how things "used to be."