I come from an options/wholesaling background. I am getting into the short sale game as foreclosures numbers are HUGE in my area. I want to increase my profit potential. However, I do not have enough in the bank to be able to write a check (albeit very temporary) for the property in the interim between simultaneous transactions (double closing). Is there any company out there that offers funding just for this reason? I don’t want credit checks, etc. I just want the money wired to the title company (to fund my buying the property-1st transaction) and it will be almost immediately wired back (when I sell the property - 2nd transaction). Do you think this is something someone with big pockets might want to partner up with me on?
Is there any reason you can’t do a simultaneous close? By doing that, you shouldn’t need the money because it’ll come from the second buyer.
Very difficult if not impossible to do those nowadays. Most lenders want to see a chain of title as part of the title work.