Another Title Company is Shutting the Door on Double Closings! Go Figure!
Posted on 08. Oct, 2009 by Patrick Precourt in Business, Investment, Preforeclosure, Real Estate
(No Ratings Yet)As I have been saying for the last year, this industry is changing so you better stay connected! Another Title Company is now closing their doors to same day closings… Listen in as I tell you who it is. I also cover whether or not banks will be forced to pay a loss mitigation fee to licensed debt negotiators, whether or not more lenders are taking the “I don’t care approach” to allowing seller concessions on short sales and much more. Visit www.FridayCoffeeBreak.com and www.ShortSaleDailyNews.com for more real estate specific videos.
Shane
09. Oct, 2009
Pat, Great Info about the Title companies.
You said you do more Monday to Monday closes. Do you have a company that finances these for you? Who does this type of financing, and what kind of cost is it?
Bradley
09. Oct, 2009
Look into this funding program by Aegis.
http://www.fixaflipfunding.com/
It has a lot of benefits but also has a lot of downside.
Dave Reynolds
09. Oct, 2009
Shane,
Check out iVisionary/Jason Medley at:
http://www.ivfinancialsolutions.com/funding__application.php
They have several programs for transaction funding.. even 90 days.
Juan in Cali
09. Oct, 2009
Yes, but stay in touch with the title firm that does them such as:
Old School Title Company.
oldschooltitle.com
Ask for Bob Mittleman. They are doing them all the time, all over the country.
Steele V. Propp
09. Oct, 2009
Just a quick note on real estate commission on Freddie Mac loans. Since September lenders are NOT allowed to renegotiate commissions 6% or under. They can only renegotiate on those over 6% and bring it down to 6%.
And you can go back after them if they did you wrong after this Sept notice.
So for all practical purposes they are a 6% payout. As long as you know to ask for it. If one has a listing agreement at less than 6% they won’t pay more.
And Fannie Mae is the same way.
FYI
Lynne Johnson
10. Oct, 2009
Hi you guys!
I sent my laywer a copy of a contract that I received from a group of investors whao are offering joint venture partnerships. I know I brought this up to you on Friday’s Mastery Q&A. When I get his opinion on the contract I will follow up and let you know the results. Right now, I understand it to be they finance the SS at 100% and carge an interet fee on how long you use it,from 1-120 days, on a sliding scale, ex: 12.5% for 60-95 days. I know you said to look for 50% of profits but I could not see anything that eluded to that. Like I said, when I get an opinion I will let you know. I really hope this is ligitament. I would really help us newbies out with the financing. Lynne