Double Closing

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I am interested in doing a Double Closing

First, I have found a property that is for sale

( I am not the seller nor his agent)

Secondly, I have found a buyer for the property

Now This is what i want to do

3. I want to buy the property from the seller and then sell it immediately to my buyer for a small profit.

How can this be done without any money coming out of my pocket to the seller, Until I have the money from my buyer?

All help will be greatly appreciated



Comments(8)

  • roberth26th February, 2007

    Use the same closing attorney and use 2 different escrow accounts.
    On your purchase agreement list your name or assigns.
    The buyer you want to sell to needs to fund one of the escrow accounts with the profit to you and then they get the name on the purchase agreement and go to closing with the first escrow for the amount you had originally agreed on with the seller.
    The deal goes thru for the amount agreed upon with the assigned party, and you collect from the second escrow your profits. This will never flag any lender that this is a double close.
    Good Luck,
    Robert

  • LeaseOptionKing27th February, 2007

    How will the Buyer fund the first escrow account if he has not received his lender funds yet? And most lenders are shying away from assignments.
    [addsig]

  • esau28th February, 2007

    Thank you for your messages and help
    I will keep you informed on the aftermath of the deal.
    Esau

  • joewo28th February, 2007

    amazing double escrow no money no job no problem make sure seller pays all or 1/2 closing costs buyer all or 1/2 using pass through policy yeehaw!!!!!

  • LeaseOptionKing22nd March, 2007

    Yes, once they are told what is happening. The real questions are do they allow assignments and do they have seasoning restrictions.
    [addsig]

  • jugg20007th April, 2007

    Golden information...

    LOK,

    I am about 2 months into that L/O I put together. I will be potentially coming to a closing table this coming February. Can you please do a walkthrough of what needs to happen just prior, during, and after the close of a L/O deal? I have an idea, but I have no time nor the reputation to be looking ate-up when it comes show time.

    Also, about that memorandum... do I just type it up and bring it to the court house along with the L/O agreement I have with the seller... and all is good? Or does the seller have to get involved with the process at any point?


    -jugg2000

    By the way,

    You experts have been priceless with the info. Keep it up... I am pursuaded to get serious with this place. Best RE site on the net.

  • LeaseOptionKing8th April, 2007

    Keep the two separate...although you are charging too little in consideration. I would from experience with so many other students also tell you that the odds are good something else will "come up," and you will never see the consideration.
    [addsig]

  • LeaseOptionKing8th April, 2007

    If less than $250,000 I would get 5 percent. At the $250,000 mark and above, 3 percent is more realistic.
    [addsig]

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