I have a Purchase Agreement contact to sign to being purchasing REOs. The closing documents I will be receiving today are not like traditional closing documents. There's no title insurance, as saleable title will be provided by the bank about 90 to 120 days after purchase. If there are title problems they will provide me with a replacement property of similar value, acceptable or choosen by me from their holdings. Second, there is no escrow. I simply select the houses I wish to purchase in 7 days and wire money to the closing attorney. And this is my concern.
I've contacted the people I know around the country today, most of which I've all know for decades, in search of legal counsel. Today, I am simply going to call the "Too Big to Fail" banks' legal departments and ask for a referral. Any where in the country is fine. I prefer Phoenix because I will begin my purchases there, as that market is ripe and I have interested buyers there.
I could really use an on point and direct referral, ASAP. I wish to receive a list of REOs but can't do so until I understand this non-traditional close used in the delayed receipt of title. If saleable title were available this would not be a problem.
Thank you for your time and consideration.