Double Close

What happens with a double close if I go through with the first closing but for some reason or another, my buyer does not close and leaves me stuck with a loan…

Thanks in Advance!

I think you kind of answered your own question, you’re stuck with it. But maybe someone else can provide more insight on your alternate options.

There are some lenders that provide $ for bridge loans for double closings. I found some on this website ( Under Hard Money Lenders that will do just that when you find a buyer.

My suggestion is to get an extension to the closing date, find another buyer, then maybe close early with a bridge loan.

I always have alternate financing in place to avoid just that.

Also, you should make your contract so that it’s easy to get out of in case something happens…even if it was as simple as a termite infestation, or structural damage you found wrong. There are also times when you might want to say you need to get in touch with your partner to see if they like the deal.

This is for future reference, your contract should be flexible towards you and your needs, sorry about your luck.

Hey I just posted how I overcome the double close on another topic in this same subject. I know I shouldnt re-post it here but take a look at it in I believe the wholesale/shortsale topic.

I’m talking about doing a double close…where I have already completed my first close and ready for my end buyer to complete the second close, but for some reason he doesn’t. I can’t say I need to get in touch with my partner after I’ve already closed! :slight_smile:

:shocked dfranks answered it you “OWN” the house find another buyer.

If your funding is contingent is only for 24hr based upon you selling the same day I would think that neither settlement could happen- as far as I know- if youe funding is only for 24hrs.

no those 24hr companies will not release funds until the other deals is closed. It’s in the agreement with the Title Company. I know a guy in Tampa who owns one of those place.