I have (2) 2 family properties in Brooklyn for $150k each and I want to sell them to end users. I already have several people interested @ $300k each. Can we flip the contract or do we actually need to close and hold for a few months. Any ideas?
how do plan on paing for them??
how do they plan on paying for them?
you’ll need to do an option contraact and manage the deal for both sides
I would see if you can assign the contract and get the cash from the new buyer put in escrow with it being released to you when the deal is closed. Or do a “double close” where the title is transferred to you and to your buyer at the same time, with the cash coming from your buyers.
how exactly would that be accomplished for a buyer getting a bank loan where he doesnt have title?
Double closing or simultainious closings are legal in Texas. Are they in New York? If so, find a title company that has experience doing them. If your buyer is needing financing to buy your contract, then it is important that you have negoiated enough time on your contract to accomidate this. This is the glich in most wholesaling or assigning of contracts. That and disclosures. The best way for these deals to happen is paying cash. Your profit margin is stellar. Just buy it yourself and flip out later if you have. Don’t lose these marlins.