'Double' Closing ?

[Rtyson]

:hammer
In St louis;

Can I have my partner sign a contract to purchase an 'as is' property for 38K and then sell it to me the new buyer at the same closing for approximately 74K?  As long as the appraiser will appraise it for approximately the 74K.  The property needs about 15K worth of rehab.  The appraiser indicated to me that he would do whatever
the lender required.

Is this what they refer to as a double closing?  
How does this double closing work in reference to my partner purchasing the property and selling it to me directly afterwards as well as paying closing costs, title searc h & survey
etc...

Any information you could provide concerning this matter would be
greatly appreciated.

Thanx Rtyson

[chrisv352003]

Every deal I do is in this fashion. I have the sale arranged before I go to closing you need to spend some time with your title company in order to get it it fined tuned but thats no problem.  The nice thing is. When you do it this way you get your money down required by most banks back after closing instead of it being tied up in the property. Along with the funds to rehab the property and any equity available.

Its just a matter of two contracts being submitted to the title company one for the first sale and one for the second sale. The title company will set up two closing and fund the same day. In Texas you dont have to purchase a title policy for the middle closing if you and your partner choose not to he knowing that you just bought the property and there was an existing policy on it prior to him buying it. The costs of the second closing far out weigh the bennifits of all your money coming to you up front.

I say go for it. Its a great system and I wouldnt pass it up  and if you have any other questions you may contact me by email: [email protected]