Someone informed me today that they’re doing double closings with traditional financing…they said I just need a good lawyer and I’ll be able to do it…
Anyone else doing this?
I know of several investors who are doing this, but they require their buyers to get financed through small local banks who do not have title seasoning requirements.
Steph :cool
Hi Alex
I am doing this. I have someone who is great to work with who funds all my deals as I find them and then I have a title company who specializes in double closings…all over the USA.
So far I never had the need for a lawyer. I know it is probably best to have one onhand since I am working with real estate.
I am a wholesaler right now. Eventually I will get into buy and hold. Just getting the cash flow going at first is what is important to me.
Sissy
It’s easier just to do an option contract than it is to setup a double close with conventional financing. What do the numbers in your deal look like?
Hassan
I meant to say I am using transitional funding not traditional funding. Sorry about the mixup.
The easiest way to do a double closing with a traditional financed buyer is to have the home under option with the seller and then have the seller/title company pay you after closing.
Most banks will shy away from doing wholesale deals if you are assigning contracts unless you can collect your assignment fee directly from your buyer outside of the financed money.
Good luck