Double Close
I am wanting to sell a house and do a double closing. When doing a double closing is it true that I won't need to get a loan that the other person's funds can pay for the property?
I am wanting to sell a house and do a double closing. When doing a double closing is it true that I won't need to get a loan that the other person's funds can pay for the property?
Karen, a few questions:
* Do you OWN this property and want to sell, or are you really saying you want to sell THE CONTRACT, which is also called assigning?
If you are assigning the contract, and trying to take the difference between the contracted price with the seller, and your contracted price with the end buyer (perhaps a rehabber), then with a double closing, the buyers funds will fund the seller, and you take the difference as your assignment fee.
There may be other particulars in your state or your situation, but that is the basics of it.
Best, Dave
Karen, a few questions:
* Do you OWN this property and want to sell, or are you really saying you want to sell THE CONTRACT, which is also called assigning?
If you are assigning the contract, and trying to take the difference between the contracted price with the seller, and your contracted price with the end buyer (perhaps a rehabber), then with a double closing, the buyers funds will fund the seller, and you take the difference as your assignment fee.
There may be other particulars in your state or your situation, but that is the basics of it.
Best, Dave
It is a new construction house I bought I was planning on closing on it then working on selling it. I was going to do a end loan on the property. The contract is not assignable. I have a cash buyer interested in it. I am just thinking about how much money I can save if I can avoid getting a loan.
Karen,
null[ Edited by LynLinz on Date 11/06/2004 ]
Hi
as I understand, yes you can do a simultaneous closing and not have to get your own loan
If the sale is cash this can happen, If the buyer needs to get a mortgage they may not fund a quick flip.
You will need an investor friendly title company that knows what you are trying to accomplish.
Pay for the title yourself and pick your company.
I sent you a PM msg also
Lynlinz
If I want to do a double close wouldn't I have to use the same title company I am closing with? I am worried about that since the builder uses their own title company.