Bacali, Both Buyer and Seller in San Jose, CA

Is there any escrow company in Bay Area who supports double escrow?

Asked by Bacali, San Jose, CA Sat Apr 26, 2008

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7
Just checked with Diana Mc Innis, manager at Cal Land title here in Marin, (415) 482-1210. She said that they do double escrow at Cal Land Title.

And she is good in that she will not allow anything goes through if it seems fishy.

If you talk to her, let her know I send you. .

Sylvia
0 votes Thank Flag Link Wed Aug 6, 2008
Sylvia Barry,…, Real Estate Pro in Marin County, CA
MVP'08
Contact
Exactly! In a double closing, there is an A to B side of the transaction and a B to C side of it. Title actually goes into the 'B' buyers name for a day or less, then 'B' sells to end buyer 'C' The big deal about it, is that the end buyers funds are used to pay off Seller 'A' with full disclosure to all parties. No one is getting wiped out of record here. FULL DISCLOSURE IS THE KEY.
0 votes Thank Flag Link Tue Aug 5, 2008
A 1031 exchange is nothing like a Double Escrow. A double escrow is used to flip property.
Lenders will not fund a loan unless the seller's name is recorded on title; and in some cases seasoned.
0 votes Thank Flag Link Tue Aug 5, 2008
Bacali,
Did you ever find a Title company to do a double close? I'm looking for one in the Bay Area also. This is perfectly legal as long as there is full disclosure to all parties. Let me know. Thanks! Wendy
0 votes Thank Flag Link Tue Aug 5, 2008
Double escrow is where one buyer purchases a home at a discounted price and turns around and sells it for a profit. Both escrows are closed within a day of each other or on the same day. As Sylvia says below, be careful not to get caught up into anything that is illegal. Good luck.
0 votes Thank Flag Link Sun Apr 27, 2008
Having fun is O.K. and do it right is most important.

I have heard of one potential double escrow case and it was a scam. There are a lot of people out there taking advantage of distressed sellers and unspicious buyers. Be careful of what you do is the best policy.

Sylvia
0 votes Thank Flag Link Sat Apr 26, 2008
Sylvia Barry,…, Real Estate Pro in Marin County, CA
MVP'08
Contact
Bacali,
You should have your Realtor see if the title/escrow company he/she uses has a policy where they will do this. I have never been in this situation, but I would think that any escrow company can do this. It seems to me that it operates on the same principle as a 1031 exchange. You need to be able to make to closing in one day.
Sounds like someone is having fun in this market!

Charles Coachman
Keller Williams Realty
San Jose, CA
ccoachman@kwsv.com
0 votes Thank Flag Link Sat Apr 26, 2008
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