If I do a double close on a property do I have to provide the money for myself being the “buyer” to the title co. or closing attorney or does it wash and I collect my profit.
buyer 1 purchases property for $100k
buyer 2 purchases prop. from buyer 1 for $120k
buyer 1 collects check from title co. for $20k
Or does buyer 1 have to provide $100k first then collect check for $120k
Pretty basic but it’s the easiest way to explain my question.
Ideally, what you said is correct. You want to find a title company that will allow buyers to fund both deals. You will walk with the difference. The problem is SOME title companies (including the one I work for) won’t allow it. Both deals have to stand on their own. You jsut have to call around and find one that will do it the way you need it. There are plenty of them out there. Stay away from the major companies. Look for a mom and pop type of operation, or ask at your local REI club.
Thanyou for the info. I appreciate it!