Double Closing**

I think you are refering to a simultanious closing.

I am writing up the contracts for a simultanious closing on a vacant parcel tonight.

The first contract is between the seller of the parcel and myself. I prefer to do a complete transaction (I'll explain later).

The second contract is between the buyer and myself. I have switched hats, I am now the seller.

The attorneys office I use performs the first closing where I buy the property. This really is just signing a bunch of papers the attorney has prepared.

Then the attorney opens another file and I sign the papers where I am selling the parcel.

No money out of my pocket but I walk away with a check for the difference in what I sold it for minus what I purchased it for, minus the closing costs on the two transactions.

Hope this helps,
Rhonda

So, the check that you get from making this deal happen, where does the money come from, the buyer or escrow?

Hi FabGonz8706,
A double closing is where you have a contract to purchase a property with the intent of selling it to a immediate buyer. Hpoefully a cash buyer or an investor. The closing takes place with an attorney or title company in the same day. In this case you need what they call 1 day funding. Which there are companies such as coastal-funding.com that are available for this type of purchase. The funds are transferred to the closing party once the end buyer that you have in place wires their funds to the closing. There are fees asociated with borrowing the money for the 1 day. Credit status is not an issue for this type of transaction. Great strategy isn't it? Much sccess to you..........Lubertha

Coastal-funding does all the work your you or what? Please explain. And the $2,500 fee that is shown in the website is all i can profit from the detail regardless how big the spread is? or that fee is for them? Say a home is FMV of 100k, i put it on contract of 50k and assign to a buyer for 65k. My 15k profit comes from them?

also,
On a double close, which contract do we use with the
seller and the end buyer?

Coastal funding is just a company that provides a service of loaning money for one day, for a percentage. They are not in charge of the closing. There are no caps placed on your profits from any deal. Your end buyer pays the profit. Continued success................Lubertha

Loaning money for the whole house? Would this be neccesary for the "no money down" deal?

I'm Fabian and any body with experience in contracts, double closing and wholesaling, I would appreaciate if you give me a call because i need advice.
There are deals that I can be closing soon and I'm in a desperate mode! Do not hesitste to contact me. Not a scam just a 21 year ol with tremendous motivation, but lacking a little knowledge that i NEED to gain from you experienced Investors.

Fabian's Cell:(951)323-4283

Regards and wish you the best success,
Fabian G.