To know knowledge you can not double close a property that way. Really the title company would be committing fraud, plus you can not assign a short sale so you need to close which is right. Now if your buyer is willing to pay cash, then you can probably swing it. Double closings are touchy subjects amoung title companies and you can call 100 before you find one willing to do it. Best way to find one is check out a local REIA club and ask around who does it.
With a short sale, the bank will be selecting the title company to keep cost down in my experience and this will make it hard for you do to that. The bank does not want to see you making a profit off a deal with them. The title company works for the bank and will put them first.
I just did a double closing after a ton of work…In the end I had to close cash then I flipped the home to my buyer…I never was given the option to use my buyers money which seems odd because he paid much more than my buy price…Also this sub prime meltdown has tied up a few other deals I have going…I may have to close cash on 2 others if things proceed this way in the mortgage industry…
I’m in CA and have not had any of the issues being spoken of here. I have assigned short sales and done double closes with NO issues. I also have a list as long as my arm of title companies that will do double closes.
Sorry I just got your message…Yes I have found some good stuff to start my cashflow quest…But at the same time I have been caught in the mortgage industry changes and that has held up some deals…But I’m considering my options but all is going fine so far…Closing cash is an option but the cash on cash return gets halved when you close cash
what is everyone talking about? Illegal? Can’t find double closers?moonstruckprincessa has got it right because that is the beauty of a short sale, right??? The “wholesaler” or middleman get the profit from finding the buyer and seller and putting them together. The wholesaler just owns the property for 10 minutes then assigns the contract over to the new buyer.