Posted by Kristine-CA on January 17, 2007 at 23:23:42:
John Merchant: I’m curious if you have any recommendations on how
to get a true simul escrow done in CA. I’ve been doing deals for five
years. I’ve done plenty of double closes–but no officer at any of the
title companies in Kern county (Bakersfield and surrounding area) will
consider using my buyer’s money to close with my seller in one escrow.
It’s always two escrows, two sets of fees, etc. AND total disclosure to
all parties that the property is included in two escrows and that each
escrow is contingent upon the other closing.
There are no T & Es except the biggies in the county The only small
local ones are temporary ones formed for doing retail deals when
selling new construction. I looked into using an attorney to do escrows
but I haven’t found anyone yet who would do it very effectively or for a
reasonable price. And they have to order title from the same places
anyway.
Have I overlooked a way in which I could do a real simul close? Kristine
If I am purchasing a property from a seller, and flipping to my end buyer, is it possible to have title conveyed directly to my end buyer at the time of closing, instead of having it in my name?
Posted by John Merchant on January 11, 2007 at 22:56:13:
A “true” escrow deal and a private escrow co. with an experienced escrow officer or lawyer operator-owner could do this for you quickly.
I’ve done and know of lots of similar deals where there were 3 or more parties and a good escrow officer keeps all transactions completely between the 2 parties involved; the others know nothing of what else is going on unless its agreed they are to share in that knowledge.
I’d not use one of the big T & E companies in a tricky or convoluted closing like this, as they have their internal rules and they pay much more attention to those than to you, the customer.
I’ve nothing against the biggies and frequently use them in plain vanilla deals as they’re quick, knowledgeable and quite efficient…just not in the trickier escrows like sub-tos, 3 party flip deals, etc. where I know exactly what I want done and don’t want to have to compete with their house rules.