Selecting the right title company to work with is key to your real estate investing success. You may be able to find properties to flip for pennies on the dollar and be able to create huge streams of end buyers for flipping homes to. However if you can’t get them closed because of the title company or attorneys involved you could find you are not only wasting time but could be at risk of losing a lot of money as well.
Like real estate agents and mortgage brokers, you should be interviewing title companies to find the best ones to add to your real estate investing dream team. Most importantly you must be sure that your title company is happy to help you on your real estate investing mission of flipping houses. Many title companies are now extremely wary about working with real estate investors and many want to have nothing to do with simultaneous or double closings. Be upfront and make sure that the title company you choose is willing and happy to work with your model of flipping of real estate. You should also be able to negotiate better rates based on the amount of real estate investing volume you are going to send their way. It is also great to find a title company with attorneys on staff that you can speak to in order to run questions by and who can even help you with tricky contract or lien situations, for free in order to get deals done.
Perhaps more important than the title company itself is finding an individual title rep that you can rely on. Your title rep gets paid on performance when deals close and so has a huge interest in seeing your real estate investing career be successful. Your title rep is often the one that will be going out to make the closing happen and is absolutely crucial to make sure closings happen. All too often other parties can get cold feet at the last minute. Your title rep is your personal closer who will sell them on the deal and keep it together. Even in those cases where a buyer finds out their bank stuck them with a rate 2 points higher than they anticipated.
Ask for referrals for title companies from other members of your real estate investing dream team. In severe cases some shady title companies have even been known to withhold money for property taxes and never pay them. So get referrals, interview individual title company representatives and start flipping real estate quickly and with confidence.