I have read a lot about double closings on this board by investors outside of Texas. The deals sound great. Two questions: Is the “walking down the hall to the other room” legal in Texas? If so, could someone detail a double closing they have completed in the Lone Star state? Thanks in advance. - DFW Inv
Howdy DFW:
It is not illegal. I have been involved in several. mostly buying from the wholesaler. It does not have to happen at the same time and it does not matter who closes first like some may think. It is all done into an escrow and nothing is final until all the money is there and all signatures are in ink and on the papers. The papers could be sent out of state or the country and it would still be considered a double closing.
An example of one I have done is where I bought two duplexes for $11,000 each. The middle man got them for the back taxes and board and secure liens and weed cutting liens which I believe only totaled about $8000 each. I do not think he gave the seller much for signing, maybe $500. Like you said he kept going back and forth between rooms. There were some changes as some stuff got overlooked but it was pretty smooth. It made it easier to make the changes and everything got funded that day.
Hope this helps and LOLuck