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Land Sale Question - Posted by Dee
Posted by Dee on March 30, 2004 at 06:45:35:
First let me start by saying what a resource this newgroup is to me. The posts are valuable and is almost like reference material for real world investors. Thank you.
I have a deal about to close in 2 weeks. It is a 6 unit apartment building with 2 lots. Someone approached me about selling just the lots cash and can close quickly (as in the same day I acquire the lots.) I am trying do a double closing but am being told by the Title company it will take 8 weeks to record the sale with the county after closing and I can’t turn it around until this is done. Is there any other approaches I can take? I have read investors do double closing (flipping) before and 8 weeks seems like a lot of time and I want to sell the lots while they are hot. Any responses would be appreciated.
Re: Land Sale Question - Posted by David Krulac
Posted by David Krulac on April 01, 2004 at 16:40:09:
agree with Ray, get another title company. The 2 deeds can be recorded as long as they are recorded in the proper sequence, and even that is not insurmountable.
Re: Land Sale Question - Posted by ray@lcorn
Posted by ray@lcorn on March 30, 2004 at 15:26:40:
Dee,
I’d find another title company.
In my opinion (and experience), eight weeks is ridiculous unless there is something badly wrong with the county’s system. Most areas where I have done deals record the same day as closing, or the next day at the latest, and then only if the closing was late in the afternoon. Funds cannot be disbursed on a closing until after the title is updated and the deed recorded, so are we to assume that the seller has to wait eight weeks for the proceeds of the sale?
ray
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Re: Land Sale Question - Posted by Beth Stevens
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