Hey guys how is it going listen guys i am very curious too know people who have used double escrow transactions. Because i know of one person and that persons is freaking balling it too the max.
Is it legal?
Here is an example he told me a bout atleast this is what i remembered.
Seller owns a $400000 dollars house (Market value not asking price)
You negotiate a price of $370000 he pays half of the closing cost.
So then if don’t allready have a buyer to buy, advertise it for 390000 something like nice cosy 3 bedoroom 2 bathroom located in nice quiet area. NO CLOSING COST! property selling under market need quick sale.
The property should sell fast he says.
So here is how everything plays out in escrow you the investor have agrreed to buy from the seller Tom at $370000 which you will split the closing cost about 4000 and you the investor have also agreed to sell to Gary at the same time for $390000 and you will pay all of the closing cost about 4000. So here Gary and his bank provided he is using a conventional loan he and his bank put up $390000 from this Tom gets his $370000 and there is still $20000 which belongs to you the investor from the $20000 you made you subtract $2000 which you pay Tom half of the closing cost 2000 bucks and then subtract $4000 bucks which you are paying the closing cost for you and Gary.
So in the end you made $14000 grand minus ads about 150 bucks.
This deal should close in about a month and half or 2 months.
My friend’s old buddy Albert is a big time baller i have met him 2 times in the last 4 months he drives a 745 BMW 2004 and Range 2004 and has about 5 properties 2 4 unit apartments and 3 houses one is a rental the other 2 houses are an estate house in Los Felix in Los angeles and a house up in the Anaheim Hills i have been to the estate house in los felix it is stunning this is why i need to know if this thing is legal.
You are probably wondering why my buddy has not tried to duplicate what this guy has done well to be honest he is lazy and his dad and mom are pretty affluent they give him money buy him pretty much anything and he is studing at Columbia University Corporate Law
And my reason well to be honest i do need money i am triying to pay for my education currently at UCLA freshman but i don’t want too go to jail
The way i explained that is the way he explained too me he said its a piece of cake. At first did not believe him so I question him and told him he did not make money like that so he said ok so he left for a second and borught 3 checks 1 for 18000, another for 22000 and another for 20000 thousand and they had title company i think it was investors title company (ITIC) on the NYSE.
So any experts out there think this is legit or what if it is might just start doing this.