Dbl Closings

I’m wanting to wholesale and was listening to Ron LeGrand, that simplified the process by letting the attorney handle the transaction after you have it under contract,so no simotaneous or double closing was involved.Does any body have more info on this and how do you find an attorney, locally that knows these procedures.He might have been talking about subject to and lease options also…I’d like to get the correct procedure if I may…Maybe someone is familiar with Ron LeGrands work.I cant seem to find the right tabs on his site…

it’s not as easy as ron says.

It all depends on where the buyer is getting the funds to buy the property from. If the buyer is using his own cash, you can rent the cash for a day to payoff the seller and resell the property that same day using an assignment.

If the buyer is using a bank to fund the deal, you’ll need to do an option to make it work. At issue is the fact that you don’t have title and banks will not disburse funds to anyone but the titleholder at the time the contract was signed.

Please prove some details on your deal

Y do a option if i may ask?

Because they are easy, cheap to use and effective. Used correctly and with qualified buyers, they will provide you with endless opportunities to raise the chunks of cash needed to keep your business alive. They give you the ability to earn profits off of the qualified buyers that you normally would take a pass on simply because they didn’t like or couldn’t afford your property. You also gain the ability to make money on the marginal deals that you normally would not consider, because you never have to take title or concern yourself with paying marketing and holding expenses.

The main benefit of using an option is that it allows you to focus on finding out what it is that the buyer actually wants and qualifies for first, saving you much time and money. Using that information as the basis for your property search, you can eliminate much of the cost that normally would be incurred trying to provide an unknown buyer with a house. These saving on marketing and holding costs are critical to your success as they are the primary drains on the resources in this business.

Another great benefit from using options is the fact that as the person putting together the deal, you are not required to place a large sum of your money at risk; nor are you using ever using your credit. All that is needed is the small consideration fee and nothing more. The end buyer is the one that has to do the song and dance routine for the bank, not you. That said no one ever checks your credit, wants to see how much you earn or even cares how it’s made; the most important thing is your skill at structuring and managing the deal.

It works the same as an assignment, however you don’t have to worry about finding a closing attorney that will do it. Most of them understand options.

great reply

Not to be a pain, but would someone be willing to tell me the step by step on how to do the double closing/option?

I would greatly appreciate it

I currently am working on my first deal; I have a house under OPTION for 212K and trying to sell it for 220K. I know it’s a pretty thin deal, but I’m not trying to make a killing.

My question is, once I find an end buyer, do I have the seller buy me out of my option (interest in the property)? Or do I go about getting the difference between the 2 contracts another way?