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Updated almost 10 years ago,
How do you "Close" your wholesale deals?
Hello fellow BP members. I'm interested to hear how you guys and gals conduct your closing procedures. I especially want to hear from any fellow Wholesalers out there.
My understanding is that if you have funds available for transaction A-B (hard money, transactional,etc), you would be able to do transaction B-C because you have already purchased the property with the funding source. If the end buyer B-C is cash then it is perfectly legal.
Are there possibilities of mortgage fraud with a"dry" double closing, where B wants to use C's funds for the A-B transaction? The more important question is whether your closing agent will do a double close?
So my main question is set around a Double Closing? Is it illegal? Does your attorney or title company conduct Double Closing?
Thanks in advance...