Reverse Closings
Talking with an associate of mine, he mentioned that he was doing a double closing having his buyer/investor close FIRST on a wholesale, then have the original contract closed. Thereby eliminating any need to bring money to the table. Anyone else ever heard of this? Have you done it? Any thoughts/comments are appreciated.
YES, IVE HEARD OF IT AND HAVE DONE IT MYSELF, BUT ITS BEEN A FEW YEARS SINCE. ITS HARD TO FIND AN ATTORNEY TO DO THIS TYPE OF CLOSING, MOST BELIEVE THAT IT IS ILLEGAL.
ive ha issues with this as well. if you could help me out in regards to this I woudl appreciate it as well. I use to use this transaction but now i can not find anyone to do it.
NC is an attorney state, not a title company state. You may have to get out the phone book and call the real estate attornies and just ask if they will do a simultaneous closing.
Perhaps a couple calls to friendly real estate agents will also be helpful. Agents who do a high volume may know which attornies will do a simultaneous closing.
Ive tried and still have not found an attorney who is comfortable with double closings, if you find me let me know.