Can You Do A Double Close With Bad Credit?

Comments(10)

• 
  JohnMichael12th May, 2005

  First of all a double closing has nothing to do with credit - title companies and or closing attorneys do not run credit checks.
  [addsig]

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  chilln2music25th April, 2005

  i was about to ask you the same question in the other thread

• 
  cheryllynn2nd May, 2005

  Bumping - because I would like to see an answer to this one, too.
  
  Cheryl

• 
  chilln2music4th May, 2005

  so a collapse closing is just a double close?
  
  Sammy, Thanks for the concise overview!

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  corbint4th May, 2005

  sammymh : good explanation, but let me ask a quick question. in your scenario, you are buying a property way under retail, and then selling it for its appraised value to someone. wouldnt "C" in your scenario need to get into the property to do an inspection, etc, to satisfy the lender? If so, how do you keep getting access to the property from the owner?

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  JusticeMoss11th May, 2005

  Ok I got that but I have a question.. If a purchase lots and find a builder who will do a contract for lets say $300k for the house and the lot. I then can turn around and sell it to c for how ever much I put on the contract. This is my main question. If I have the contract from a and c has the other contract from me (b) the house is not built yet? Can I still close without the house being buit yet?

• 
  Stockpro9911th May, 2005

  you can close something but not the house
  
  You could assign your existing contract wiht the builder for a profit etc. How would you get a deed on somnething that is non existant?
  [addsig]

• 
  jeff1200212th May, 2005

  Thanks,
  I was wondering if anyone would get around to answering the original question.

• 
  bargain7610th May, 2005

  For buying opportunities, All you have to do is look around this site!
  
  Want to drive around looking for unkempt properties?
  
  Want to research pre-foreclosures?
  
  Want to pursue probates?
  
  Cruise the forums and articles on this site and you will run out of time, but you will never run out of ideas!
  
  [addsig]

• 
  corbint3rd May, 2005

  ambitious1 : what techniques did you use to locate your pre-foreclosure deals? what is your plan for the property once its undercontract?
  
  thanks, and good luck!