Double Closing
When Your buyer checks title before the closing, He will see that YOU don't have title. What do you do?
Doesnt this happen in every deal?
Do you explain, before contracts, that you are wholesaling and double closing?
Or is there some way to do it without the counterparts knowing?
N[ Edited by Neill7 on Date 01/23/2004 ]
If you have control of the property, it shouldn't matter.
If asked, I would tell the buyer that I have a contract on the property, however, it will become his free and clear as the deal is completed.
Normally the Title company would make sure this is done.
All your buyers should know you are wholesaling. It doesnt matter, they will still line up at your door.
Keep it simple. Open escrow as an "assignment", collect your wholesale
fee and assign them your escrow. Or,
close the purchase with a hardmoney loan, collect your fee, grant deed them the property and have them assume the
loan!
Best Riches,
Jeffrey Adam
_________________
"The only place success comes before work
is in the dictionary."
[ Edited by JeffreyAdam on Date 01/23/2004 ][ Edited by JeffreyAdam on Date 01/23/2004 ]