Double Closing?

Comments(10)

• 
  ikeukasoanya11th November, 2007

  The double closing is something the Title company should be able to do for you all you reall y need is an assignable contract. call your title company they should be able to walk you through it

• 
  galeterry11th November, 2007

  Thanks for the www.info.Is it better to do a double closing or assignment of contract?
  
  
  Thanks,Gale

• 
  bgrossnickle12th November, 2007

  Does your end buyer have cash or will they have financing?

• 
  galeterry12th November, 2007

  cash

• 
  bgrossnickle13th November, 2007

  I double close means that you buy the property (first close), then the end buyer buys the property from you (second close). The end buyer can fund the first close. Usually, ther first close happens but it is a dry close, meaning that all the paper work is signed but the seller does not get his money. Then after the second close the buyer gets his check.
  
  It would be cheaper to have a simultaneous close. Have the end buyer purchase the house directly from the seller. This way you only have one set of closing costs. I usually put my assignment fee on the HUD under my LLC name as "repair, assignment", "consulting, assignment" or whatever is the most vague thing that the title company will let me get away with. Since the seller does not know my LLC name, they do not know that I am getting the money. I simply tell the seller that my business partner is going to buy this one in his name.

• 
  galeterry14th November, 2007

  Thanks,know I understand it.

• 
  galeterry15th November, 2007

  Thanks,I have never assigned before and all the info has been great help. I like the meeting at the pub and walking with my money. Thanks again,Gale

• 
  bgrossnickle15th November, 2007

  It is customary in my area to get the assignment from closing. No many people who are going to write you a check for more than 2k for a house that they have not yet purchased. Just imagine how you would react to someone tell you to write them a check for 15k and they promise that they will give it back if the seller backs out, or title issues are found, the seller dies, house is about to go into foreclosure, there is a fire the week of closing, etc.

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  bgrossnickle22nd November, 2007

  yes they are all issues of any purchase. but my point is that nobody is going to give you 15k in advance of the sale. nobody is going to trust that you will give it back if it does not sale.

• 
  MichaelQuarles26th November, 2007

  I do concurrent closes all of hte time... The issue isnt hard to overcome... Just needs some TLC