Can anyone tell me how to double close. I have a contract and I don’t want to keep it, so I can make quick money. I want to double close on the same day with an investor. Do I need to find a title company that will double close. Or I may assign the contract if I can’t find a way.I head I can make more on a double close. Can anyone give me an idea???
Ummmm…this thought didn’t occur to you BEFORE engagement?
You need to see if you can find a title company that will do a simultaneous close of one that will do back-to-back closings.
If someone double closed me I would punch them in the face. :biggrin
What Keith said. FYI, I put “and/or assigns” in my contracts so I can have the option to assign it or double close.
Since nobody else is answering, First contact a title company and ask them if they will do a back to back closing. If they dont know what that means tell them you would like to close your deal for the purchase of home A from seller 1. Then after you close your deal purchasing home A from seller 1, you would like to sell home A to another buyer we will call buyer 1. Then you would like to take your money from the sale of home A to buyer 1, and use it to pay off your original purchase from seller 1.
If the title company wont do a back to back or double close then you will need to ad an assignment clause to the contract, or you could ask the seller to ad on another buyer to the contract, have that buyer pay you your fee in order to be added to the contract. Then have him close on the contract as if you assigned it to him, except at the end of closing quit claim deed yourself off of the deed. I only use this method if a bank wont allow me to assign the deal.
Because it’s unethical - which is why closing usually occurs in seperate locations for each party. :angry
Thanks for the advice.
Wow! I’m predicting a great future here…!
You go on in the next post to say, “Because it’s unethical - which is why closing usually occurs in seperate locations for each party.”…how do you figure? If I contract with a seller for $XXX and the seller is happy with that (and he should be or else he wouldn’t sign the contract), how is it “unethical” to resell at a higher price? Have you ever bought a property and then sold it 5 years later for more? Is that unethical? What are the limits that you propose? Is your “unethical” determination based on law?..on fact?..on local tradition…? Or just on your personal opinion?
kdhastedt you are right its not unethical
the early bird catches the worm…
KNOWLEDGE IS POWER,as ericmedem says and i have beeen doing this for years,get the bugs worked out beforehand,do your homework 1st …
make the calls beforehand
my 2 cents
Robert A. Doncaster, Jr.
Import/Export Entrepreneur & Investor
*** DO YOUR HOMEWORK ***
Chicago Illinois USA
& sometimes Salzburg, Austria
Double/simo closing isn’t really any different
than reselling a house months or years afterwards.
Nothing un-ethical about that. :anon
Double close, dry closing, back to back etc are standard operational procedure for investors. Not illegal or unethical. Standard practice and an every day occurance. It’s right up there with buy low sell high. More than 80% of the items you use when you wake up is part of the “double close” procedure. Most items on the planet…are sold this way. Middle men every where have warehouses full of goods to be sold to us that they don’t pay for until we purchase the items from them. Only then does the manufacture get paid.
Welcome to Earth Bob,
No, because time has passed and the property should appreciate in value.
I certainly understand the principles of business. i just personally feel double closings are unethical. Let’s just agree to disagree. And I’m a non-violent guy, so there would be no punching in the face - Although I’d be really steamed.
All in fun,
Thanks for your input. If I can help with any thing just ask,
If a double closing gets you angry then you (a) don’t understand how the process works or (b) have a serious emotional disorder and should seek professional help. Either way, if you find something as routine and ethical as a double closing to be objectionable, then you definitely don’t have the stomach to make it in this business.
Thats AWESOME!!! Let me know how it goes from a beginners point of view! Just started reading about wholesaling, we’ve been investing. Either here or email me at email@example.com. I would really appreciate it!
OK, well, firstly, I do understand how the process works - but I’m sure you would hope I did not to justify your response; and secondly, I am not emotionally disturbed - but, of course, I’m sure you would hope so - to justify the means of your reply. In any case, homeslice, I respect your opinion. If that’s the way you want to conduct your business practices, you’re entitled to do so. Although I’m not really sure what you mean when you say “you definitely don’t have the stomach to make it in this business” because I’m not in the business of double-closings. I’m an investor and am interested in rehabbing houses and neighborhoods. I’m a believer in actions not words, and what you choose to do says a lot about the person you are. I’m a restorer and builder first, businessman second.
That’s nice, but you still haven’t explained why double closings are unethical. I’ll give you a little hint though…they aren’t unethical. In any event, I wouldn’t quit my day job if I were you. It sounds like you simply aren’t cut out for this business.
I have been to a couple barbeques and have been the main course at some…but today…Tag your it.
I think you meant to say you would be streamed if YOU sold your property back of market and the guy who bought it from you sold it at closing for a profit.
Yes that would fry me too. So don’t do that. The comment about years of appreciation make it OK to profit is good. But…investors specialize in buying back of market to make profits today. You are in the same business. I do my remodels in 3 weeks or less if I could do them in 3 minutes I would. I/you would both prefer to get paid sooner than later. The double means SOONER. You obviously restore/remodel and build, if you could do that in 1 minute and resell would that be unethical . No it is not. You simply do your closes at a different speed, the double close is one of the Gold Standards in the business you are in. Someday when you sell something back of market…be happy/thankful for your price and you won’t end up steamed at your self. You have championed the sellers possible disdain for an investor profiting from the purchase and close, but we as a whole are usually helping people out of their problem property’s. I have never Forced any one to sell me their real estate, I am sure you haven’t either.
Please pass the steak sauce, Darin