Is DOUBLE CLOSING the same thing as ASSIGNMENT??

While they are similar, there are differences. In a double closing you would purchase the property and then turn around and sell it right away. With an assignment you are just selling the contract. A double closing you will have to have the cash to purchase the property as well as pay closing costs. An assignment does not require any of your cash as you are not the purchaser. If you can assign it is generally much better. I had this issue with an REO property recently where the bank would not allow me to assign the property. Both work fine but there is definitely more cost involved in a double closing. Also you must have cash.

hope this helps.

MrDWray - thanks for that info.