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The RING: Real-Estate Investor Network Group Message Board › Need Title/Escrow Company to close Wholesale deal using transnational funding

Need Title/Escrow Company to close Wholesale deal using transnational funding

user 10747573
Thibodaux, LA
Post #: 2
I will be using a transactional lender, to fund my part of the deal and here’s what they require

What Documents Will I Need To Provide To Be Approved For Funding?
To streamline the process, Transactional Funding only requires the documents that are critical for closing your loan. Once you request funding, we will provide you with a private, secured link to upload your documents directly to our underwriting department. We want to be able to close our clients’ loans in a timely manner, so the minimum documents required from the Borrower for a file are as follows:
• Contract to Purchase the property (A to B Transaction)
• Estimated HUD-1 Statement for A to B transaction
• Short Sale Approval(s) (IF APPLICABLE)
• Title Commitment
• Contract to Sell the property (B to C Transaction)
• Verification of Funds or Loan Commitment for the End Buyer
• Estimated HUD-1 for B to C transaction
• Clear copy of government issued ID for the Borrower
• Clear Copy of the Borrower’s Social Security Card
• Articles of Incorporation and Certificate of Good Standing for the entity the Borrower is using to acquire the property (IF APPLICABLE)

I currently have a contract to purchase the home from the homeowner for 65K and should have the buyer contract for 95k secured by the end of the week. I will be purchasing though my LLC. You should also know that I am a licensed real estate agent and all parties in the transaction are aware that I am licensed. They all also understand that I am purchasing the property as an investor and plan to make a profit from the transaction.

Of course I was told an attorney what I am trying to do is illegal because I am a real estate agent and that I was collecting a commission. I informed him no representation was taking place and I was purchasing the property through my LLC and no where does it imply or state I represent anyone but myself. He refused to handle the transaction. SIGH....

Please let me know the best way to get the transaction closed as this is my first investment transaction. Is a double closing what I need to do? Does anyone know a title company that I can use for the transaction.

All the best,
user 10747573
Thibodaux, LA
Post #: 5
BTW I closed my wholesale deal with a 23k profit and held it for only 2 weeks. I closed a seemless transaction David Bridsong with Gulf South Title in Metairie
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