The short answer is “no” to both having to go to the A-B and B-C closings.
• The usual reason is the inconvenience of having to make a trip to the closing agent especially if you are wholesaling virtually.
• The more important reason is that if you sit at the closing table with your seller and your end buyer, you run a substantial risk of either of them trying to get more money (seller) or less profit (the end buyer) from you.
• The closing agent will handle any objections about the seller or end buyer wanting more money or a lower price.
• Ironically, closing agents often must settle these negotiations between buyers and sellers regularly, you not being in the same room likely won’t matter that much.
• Either you give in to the seller’s or end buyer’s request, or you simply hold your ground and run the risk of not closing.
• Most states allow closing agents/attorneys to close transactions remotely in every city in their state.
• Using your favorite agent/attorney will be powerful when you choose whom you want to have the seller and end buyer use.
• When you look at collecting required signatures and notarized documents, the closing agent can send the documents to all parties to the closing or have a “traveling notary” go directly to the parties involved.
• The latest trend in more and more states is the “TED System,” an online electronic notarization of documents.
• In the TED System, the signor shows the closing agent identification and then answers specific questions to confirm his/her identity.
• Ask your proposed closing agent if he/she works with the TED System so your seller or end buyer can sign the necessary documents from the comfort of his home or even on vacation, all that is needed is an internet connection.
For a list of investor friendly closing agents by state, go to besttransactionalfunding.com/investor-friendly-agents/
If you’d like more information about my mentor program, please go to davedinkel.com/mentoring-program/
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