If I have a contract with a motivated seller and want to do a double closing with a buyer (who must get financing from a bank) How can I create a contract with the final buyer for a property that I myself only have a contract and no ownership?
Will my potential buyers bank provide financing and go to close based on a contract with me who has no ownership (just a contract)??
Your best bet (if it is possible) would be to put the home under lease option with the seller at x price, then approach the buyer and put the home under contract with them at Y price.
Essentially the buyer will be working directly with the seller, but the lease option will be your insurance policy for getting paid.
I don’t have time to go into great detail here, but the main problem with doing a double closing with a a lease option buyer is that you can run into ownership seasoning issues.
Good luck
Eric thanks for quick reply. in a short sale if I am in contract with the seller, then what is the best instrument to use with the end buyer who is obtaining financing with a lender. (trying to use lenders that do not have seasoning issues). but what is the best process to use?