Missouri Double Closing - Posted by Todd-(MO)

Posted by Todd-(MO) on March 30, 2004 at 13:51:15:

Thanks Matt,
I have a few copies of the newsletter of the local REIA. There are some advertisments in it for a few title companies. I will give them a call. Thank you for your advice.

Missouri Double Closing - Posted by Todd-(MO)

Posted by Todd-(MO) on March 26, 2004 at 09:40:01:

Does anyone have a title company that they can recommend for double closings in Missouri?

Re: Double Closing - Posted by Matt G

Posted by Matt G on March 26, 2004 at 12:02:31:

Todd-
I have been "resaleing " for a while. heres the problem with double closing. the title company has the issue of the fact that they cannot take funds from the second closing to close the first- this is a title insurance issue.
another is the lender will not allow title transferance in one day with out triggerring other value price issues.
other than having a fannie mae( conventional) buyer you are left with either doing it as an assignment fee- management fee or well I make no moral or ethical judgements.
Good luck-

Re: Double Closing - Posted by Todd-(MO)

Posted by Todd-(MO) on March 26, 2004 at 14:36:24:

Thanks Matt,
Thank you very much for your response. do all title insurance companies operate this way? doesnt that mean that it is impossible to do a double close? what kind of conditions exist for a double close to happen? william bronchick, in his book, Flipping Properties, recommends the double close as a method of flipping properties. does this vary from state to state?

Re: Double Closing - Posted by Matt G

Posted by Matt G on March 27, 2004 at 13:39:59:

Todd-
no its more like title insurer or title comapny related. I have specifically given all my mortgage and personal flips to one lady - who then opened up a shop with her mother- even now and then I have to spell out how I want the closing to go - this all comes with experience and sticking my neck out- got into to some hairy situations a couple of times on flipping fannie mae homes and a few banks- still did it but it was a lesson!
check with your local real estate investment groups - the title companies that go there are fully knowledgable on closing flips and such- they can teach what is allowed and wht is not then you have to find the one that will do your deals and make you money.