I have a deal that I am going to wholesale, and my buyer is going to be the actual homeowner. She is not an investor.
Contract price will be $25k and I am going to sell the house to her for $35k.
She will be paying cash for the property. I am a little leary about trying an assignment as that might complicate and make my buyer wonder if she’s getting a good deal.
I thought about a double close?
Would that be the best option, or what do you suggest?
Yes, a double close would work or if you can find a title company that will do a simultaneous close even better.
You can either do a double closing or better yet if you have a trustworthy seller work out an agreement with them ahead of time that they will pay you the difference at closing. If the seller is untrustworthy you could always do a lease option on the home and then sell to the end buyer via option and they will never know the diff.
Sorry if this is a dumb question but what is the difference between double close and simultaneous?
Is double where I actually bring funds and close then sell to buyer and simultaneous where I buy and close at same time using buyers $ to fund my purchase?
Yes that is exactly how I define them. Double close you fund for a few minutes and simulataneous your buyer is the funds that close the entire transaction.