I have a few questions if someone experienced could help I’d appreciate it.
1-I’ am suppose to close with the end buyer first then the seller? How far apart should closings be?
*2- The main thing I don’t get is how is it possible to close with the end buyer without At least giving the deed/title to him?
3- Who could I close first with the buyer or seller?
If someone could just show me the basics.
:cool First this is not a simultaneous closing >>>> BUT a double close
A simultaneous close is when a seller takes back a note and it is sold at the close to a note buyer >>> table funding is another name for it as well
BUT you are talking putting a & c in a deal and you being the b !
Thanks for the response. But I’m still confused about the questions I asked above.
:cool YOUR local title company and or your closing lawyer can advise you on this as it has to do with your state laws and all that stuff
So i would check with them first
I have done a good number of these and it goes like this:
1st you close with the person who you are buying the home from.
2nd you close with the person who you are selling the home to.
3rd you take your buyers money and payoff the first transaction between you and the seller.
4th you keep any left over funds as profit.
I have done this over and over and it works great!
Ericmedem,
I’ve been thinking of implementing this approach. Can you sign a purchase contract with you end-buyer prior to you closing with the seller? Can you get the buyer’s deposit BEFORE you close with the seller?
Eric,
You can sign a contract witht the end buyer before you take title but there are a few things for you to consider.
Most contracts stipulate that you already own the property. Thus you may want to simply do an assignment of contract. This process allows you to simply assign the contract rights that you have with your seller to your potential buyer. You can charge an assignment fee for doing this and that becomes your profit. These forms can be easily accessed through this site or by contacting your local closing attorney ar title company.
If you do not want to do an assignment then you can simply write in the stipulations section of the contract that you are signing with your potential buyer how you are structuring the deal. Total disclosure is important especially when you are just getting started in real estate.
And yes, you can get the buyers deposit before closing with the seller.
Hopefully this helps…and good luck!