How to find the best title companies for real estate wholesaling, nine questions investors should ask.

by | Indiana real estate, Indy Anna, Real Estate Investing

Nine questions real estate investors should ask to find the best title companies

Nine questions real estate wholesalers can ask to find the best title companies for wholesaling.

Your success in real estate relies on your skill in building your team and part of that team is your title company.  Not all title companies are the same so here are nine questions real estate wholesalers and investors can ask to find the best title companies for investors.

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Now for today’s class on finding the best title company for wholesaling…

Nine questions to find a good title company for wholesaling BigReia.com

What should I be asking title companies when wholesaling?  How to pick the best title companies for wholesalers.

You can download the BigReia.com Guide above in .pdf form by clicking HERE.

Depending on the market, as much as over 50% of MLS deals with accepted offers can fall apart prior to closing, as a wholesaler these numbers just go up because you’re not regulated with the same industry
standards and this is a big reason why having a good title company on your team is important.

Since the 1870s when title insurance was developed in America, the purpose of a title company is to verify the ownership of a property (the title) is correctly and legally transferred to a new owner during a transaction.

Today we will talk about what questions a real estate investing wholesaler should ask title companies to pick the best ones to work with, we’ll cover exactly what questions to ask title companies, how to know your title company is good for wholesaling and real estate investors in general and the specific role your title company will play in closings for wholesale real estate deals.

By the time you’re done with this class you’ll know everything you need to the best title companies in your area for real estate investors and wholesalers.

Indy Anna explains;

The 10 questions wholesalers needs to ask title companies

What contracts to have ready for closing

One SECRET help to closing easily

Okay, so I get it, you wear a lot of different hats as a wholesaler. You’re getting the property under contract, you’re running comps, connecting with investors, and marketing your wholesale deals. One thing you’re NOT ever going to be doing though -well most of you unless you work at a tile company and happen to be a wholesaler ha – is the legal stuff in terms of actual closing documents.

We’ve talked to some of our title company folks at:

https://www.BigReia.com/People

And we got a list of the best questions to ask a title company.

Here are the top 10 questions to find the best title company for a wholesaler here in Indy or anywhere else:

1.) Do you work with investors?

If they are more end user ready, it’s a pass. There are title companies that specialize or do more investor transactions than others, it’s a matter of finding them.

2.) Can you tell me your definition of wholesaling as you understand it?

Maybe they are used to working with investors, but investors through MLS deals, not wholesale deals- so get clear on this. Also if you’re starting you can can ask them questions that you are unclear about as
well.

3.) How much are your closing costs on average?  What special circumstance would change that? May I see a list of typical expenses?

We are asking about closing cost estimates and pretty basic outlines of this – something you’ll want to let your investors know about ahead of time. You can also sit down with them and walk through each line by line item on the closing documents so that you understand what each charge is for and why it is there.

4.) Do you do double closings?

The famous double closing lol. We don’t usually recommend double closings, but in case you do need to do this, it’s best to have a title company lined up that knows how they work. You want to know the details and specifically if you can use the buyer’s funds to purchase, I made a class on this as well that you can check on how to use the same money twice.

5.) An agent can order title commitment immediately upon acceptance contractually, if I send you guys a deal, how quickly as a policy can you run titles for me?

Make sure that your timelines are able to be met and set up proper and clear expectations from the start. We’ve done other classes on title work too- be sure to check those out after this one for more help.

6.) What’s your wire transfer policy with timelines?

Some of your investors could be out of state or even out of country, these wire transfers can take days, especially those out of country, so get outlined timelines upfront. You also want to know about any BS
fees they may try to charge as well because usually you can get those waived easily.

7.) Is there someone available on the weekends, if not by phone at least via email?

So few people live the “Hustle Life” lol, and then they complain about “income inequality”. The American dream has begun to live between the hours of 9 am-5pm Monday through Friday, most offers take place on the weekend when people have time to run due diligence, make sure someone can at least get a heads up over the weekend so that come Monday morning, you need them to be ready to rock and roll. Do NOT work with a title company run by LCs who can’t get back to you about anything over the weekend.

8.) What’s your policy on dry closings and working with out of state/out of county investors?

You’re going to find a few cases where title companies insist on wet closings- great if you have POA, won’t work otherwise if your investors aren’t local. You need to able to do dry closings, for more on the difference between wet and dry closing check out my class on closings.

9.) Are there any fee rate breaks for holding ‘x’ amount of closing here a month?

When a coupon doesn’t exist, we try to create them. By volume you might be able to get some sort of break in terms of fees.

Now for the MOST important question to ask them:

Now as always you should ALWAYS be thinking in terms of your Nobody Mountain and showing up like nobody else so here’s a final question that will put you in world of your own:

10.) Do you have an internship program? Could I possibly create one with you?

This is for a GXM:

“I want to understand the ins and outs of what you do and how it relates to investor closings and I’m willing to volunteer and donate my time in exchange for the opportunity to shadow, I’ll run errands, pick up laundry, be the waterboy, etc. could we work something like that out?”

This is the GXM approach and it is AMAZING. We have many Heroes who do this with other companies as well, if you want to EVERY thing about a company just go in a few times a week and do grunt work, but do it ENTHUSIASTICALLY and watch your knowledge expand, doors open and relationships develop at light speed. This is the most important because if you do this well you’ll get all the questions answered and you’ll have a great group to work with and you can use them as leverage for your next GXM.

By asking these 10 questions, you’re more likely to find a perfect title company fit for all of your wholesaling needs. Be sure to get the always FREE printable download with this class for quick reference.

Here’s what some of the top rated title companies in the US according to housingwire.com

https://www.housingwire.com/articles/here-are-2020s-top-companies-in-title-so-far/

Oh and what about that SECRET help;

There are a few title companies that have online portals for all uploaded contracts and title work. Here, you can access from anywhere in the world, EMD transfers, closing dates, title search progress etc.
This is LIGHTYEARS faster than using emails alone and your investors can connect to the same portal with you and the closing escrow agent.

It’s like being in a meeting room with everyone at once.  Ask if your chosen title company uses an inline portal and make sure you use it!

Be sure to check out:

https://www.BigREIA.com/Contracts

For FREE contracts to get you started in all of your wholesaling needs- more totally free stuff there in one place than you’ll ever get from a paid real estate guru lol

So in summary:

We’ve covered the 10 questions every wholesaler needs to ask when looking for title companies to close with

We’ve covered where to get FREE contracts and our people page:

https://www.BigReia.com/People

And:

https://www.BigReia.com/Contracts

The SECRET help people don’t even know to ask about and the SINGLE most important question to a title company, as always you can get the FREE download and the adventures of our BigREIA friends, but for now make sure to spend time here at https://www.BigReia.com get our list of over 100 FREE ways to
find motivated sellers:

We are providing the world’s clearest instructions on how anybody on the planet can create a passive income of at least $30,000 a month through real estate and business building:

BigReia.com, go there and you’ll…

Make the Universe Smile.

Thanks so much! = )

~ Indy Anna

Want more (brilliantly) EPIC posts of real estate investing and bidness badasssery...?

There is a great post and class on the 38 Ways to Buy Apartment Buildings Zero Down with Pet Policies, and here are some other helpful and EPIC posts... for starters as a real estate investor if you ever want to build a business that makes you 30 grand a month then you MUST do this...

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There’s also another great class on how to buy apartment buildings zero down that you can check out as well.  This relates directly to growing income on rental properties.  Speaking of which make sure to check out our epic page on 14 ways to avoid tenants from hell.  Also we have a great post on how to make build a "six figure a month" real estate wholesaling business.

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Also we have some great posts on 30 ways to buy real estate with no money down.  That is a two part series so make sure to watch the second part on the 30 ways to buy real estate zero down and with no loans or credit.  I also get questions about our "Epic Flipping" and how to turn $1 into over $25,000 by flipping ordinary items for exponentially high ROI.

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Also make sure to check out our “People Page” for a totally FREE list of every possible contact you’ll ever need to build a real estate business in Indiana or the Midwest:

https://www.BigReia.com/People

Stay here at BigReia.com and you’ll become allergic to being an LC and addicted to improving the world and creating Income Ascension and Social Mobility for you and yours… 

Thanks so much!  = )

Make the Universe Smile.

~ Indy Anna
Love (at) BigReia.com
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