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Updated over 2 years ago,
Double Closing Question
Quick question about what to do in the event of a double-closing! So, here is the hypothetical situation:
I get a property under contract with the intention of wholesaling it. As stated per the contract, I am allowed a 10-day inspection period to verify all the details and find a cash buyer. However, it doesn't go as planned and I cannot find a cash buyer in the stated 10-day window. Therefore, I am forced to close on the property myself and will have to re-list it at a later date. My question is in regards to funding the deal. Say, for example, the purchase price is $100K and I am unable to purchase the home out of pocket.
What would be the best and quickest option to fund the deal? Hard money? Conventional loan? I would assume that the seller (at this point) would be annoyed if I then have to go try and secure funding after the 10 days has already past. Should I be talking to hard money/private lenders prior to even securing the deal? As a "backup"? Or would they be able to give me a quick enough turn around where I'd be able to secure funding in a quick period of time?
Thanks in advance for ANY advice.