Help Getting Financing Allowing Assignment or Double Close

[Dwayne Gilbert]

I have a property in good condition and an option to purchase the property at 125k. I also have a purchase agreement with a buyer willing to pay 152. I have even managed to hunt down a closing agent, harder than I ever thought, who can and will do a double close.

What I don't have is a company or organization that is willing to give the buyer a mortgage without my name on the deed or anything of the sort. They either have no clue what I am talking about with the wholesaling idea, or the bank itself has a slippage clause. I do know that FHA has a seasoning period, no problem. We can get a usda loan which to my understanding does not have the same conditions.

I greatly appreciate any and all help you beautiful people can offer me. I'm needing financing asap and having trouble finding the solution.

Thanks,

Dwayne

[Jesse LeBlanc]

What state is the property in?

Is the end buyer a Conventional? If so, that will often be a problem on a double close because the underwriter will see that you aren't legally the owner yet or on the Deed. You can then allow your seller to go direct and you can be a line item on the seller HUD with your fee, which is almost the same as an assignment, however it removes your name/company and a contract from the mix which is what the underwriter won't want to see.

Otherwise, if you're just selling to an investor, then most of the investor loans don't care too much about double closing and you not being on the deed at the time UNLESS the investor again is buying conventional and not an investor friendly lender.

Some closing companies may not allow a double close and use pass through funding (your end buyers funds to pay for your purchase, the AB side).  At that time, you'd have to come out of pocket to fund the AB side yourself or use a Transacational Lender to cover the AB side, thus allowing the closing company to handle both files, then record the AB side first before recording the BC side.  Then everything should be smooth there.