Does anyone know how to get around the wet settlement act of VA and do a double close? From what I am finding out, this act prohibits a “dry” settlement where the funds come from the 2nd settlement. Help!
We do something similar with short sales. Try to get a hard money lender or private investor to fully fund the front end of your deal for the simultaneous closing. It is a safe investment as the funds should never leave the title company. We pay our investors 1 - 2 points depending on the size of the deal.
We actually found out an answer to this question today and it was from a settlement company! It’s not a double close or closing with a hard money lender.
I’ll post and let you know if it works.
what did you find out?
Yeah I’d like to know myself…