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.

Comments(4)

  • fredman22615th May, 2007

    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.

  • fredman22620th May, 2007

    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.

  • NewKidInTown33rd June, 2007

    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.

  • fredman22610th June, 2007

    Ive tried and still have not found an attorney who is comfortable with double closings, if you find me let me know.

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