Is it possible for me to do a deal where I use a hard-money lender and double close with a buyer using a conventional loan?
Sure, as long as the conventional lender doesn’t have any title seasoning requirements.
Should I ask the potential buyer to get pre-approved for the asking price? I’m confused on how the whole process would go.
I just put my first house under contract and there are people that are interested in buying with conventional loans.
I would screen your potential buyers to find out how much they are preapproved for. If they can’t get preapproved for at least the asking price, then I would pass on and move to the next interested party. unless you’re pricing is way out of whack, hopefully you’ll get a couple of interested buyers that can get preapproved for the asking price.
again, the issue may be title seasoning. FHA loans require 90 days of title seasoning, so they won’t work for double closings. find out which lender they’re preapproved though and call that lender to find out what their requirements are, or you can find a lender you like that DOESNT have ANY title seasoning requirements and refer the potential buyers to that particular lender to get preapproved with, therefore you woudn’t have to worry about title seasoning.