Can you do Double Close or simo in California? My Agent Say No More ,Banks/title cos Want you to show Chain of Title…LLC and land trust Only for wholesaling REO’s, so we must use a llc or land trust only right?.
depends on where the buyers funds are coming from. if the buyer is going to be using a conventional lender like bank of america to get a mortgage then it can be hard to do a double close. if the buyer will be using their own money then you can borrow the funds for your part for that day to close out your side of the deal and then use the buyers funds to pay back your lender and give you your profit
Ask your agent, attorney, title company if you can use “1 day double close” loan. This means the closing would actually be a “wet” funding. You can get the funds for your end of the purchase with no application, no credit check, no verifications of income/assets, no appraisal. 100% of the purchase price + costs will be wired into the the title company with the only qualifications being that your buyer’s financing be lined up and all parties close at the same title company.