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Author Topic: New to Wholesaling - Question About Double Escrow Disclosure?  (Read 167 times)

Offline mdennist

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Hello,

I just recently started wholesaling. I'm from a relatively small city, I was only able to find one title company near me that was willing to do assignments of contract and double closes.

They told me that they were able to do this as long as I'm not looking for a realtor fee (which I'm not) and provided I would be willing to sign a "double escrow disclosure".

I've tried to research this before posting here but couldn't find much info on the double escrow disclosure and what that entails.

Does a double escrow disclosure only state that I am selling the contract to an end buyer, or does that also include what I will be charging for a fee?

I'm curious if this is going to affect my ability to wholesale, or if the double escrow disclosure is something I can work with. There is another title company an hour from where I'm going to be doing my business that is marketed as more investor-friendly, but I'd rather do everything from my city if possible.

Thank you for your time and replies

Offline Randoskie

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Re: New to Wholesaling - Question About Double Escrow Disclosure?
« Reply #1 on: July 10, 2019, 08:13:32 pm »
My latest deal our seller stated she wud not allow us to assign the property.
Since It was going to be a substantial assignment fee, my partner Bob found us a Title company that wud do double closing and use the funds from our buyer to consummate both transactions. But then, The Title company tells Bob that they wud have to disclose that we were in fact doing the double closing. Well, why in the blankity blank wud we bother with doing that?
Because we wanted to hide that from our seller it don't make a lick of sense to do a double closing if they are jus gona go and spill the beans.
Maybe some of these Title companies have got some backflak from doing that from disgruntled sellers.
I've done a lot of wholesale deals and only twice have sellers objected to our fast flipping it to an end buyer, and both sellers were not distressed enuf. A few times sellers wud say after they found out, I thought YOU were buying the property, I wud laugh and say oh, this buyer is my partner. And they were perfectly content with and believed my big white lie. I often struggle with honesty issues. But who is going to tell them, I just fast flipped your house and made 15 grand off of you. And my wife looks great in those pants,



Offline javipa

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Re: New to Wholesaling - Question About Double Escrow Disclosure?
« Reply #2 on: July 10, 2019, 10:42:03 pm »
Get a copy of the disclosure statement, and read it.  See how it reads.


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Offline kahethu

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Re: New to Wholesaling - Question About Double Escrow Disclosure?
« Reply #3 on: October 05, 2019, 10:35:50 am »
Never heard of it - maybe it's required by your state? Or maybe it's just the title company you are closing with?

I would shop with other title companies which other real estate investors use. I'd bet not everyone requires you sign such a disclosure.
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Offline moolahut

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Re: New to Wholesaling - Question About Double Escrow Disclosure?
« Reply #4 on: October 05, 2019, 10:55:03 pm »
The settlement statement is going to typically show the monies being redirected if I recall correctly, unless you can find investment money to buy yourself, get a hold open policy and close again quickly to sell to the new buyer.  However, most people don't care - warm them to the idea and typically in signing a good escrow officer or signer will avoid showing them too much and making them over think things.  Get a good escrow officer that has them sign it without scaring them half to death.
- Joel M
Currently an investor, previously worked as an escrow officer for Fidelity.
https://MoolaHut.com

 




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