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Updated over 7 years ago,
whole-selling and closings in quick succession - Question
Hello,
I have been investing for a couple of years and run into an opportunity and I have a situation that I suppose whole sellers see everyday:
I will buy a house from A and I will sale it to C. (So, I will be the B in a A-B, B-C pair of transactions)
I will pay cash to A and, for simplicity, say that C will also pay me cash. ( I don't want to muddy the waters with legal issues around loans)
I want to make these closings on the same day or with very limited time in between.
The question is: How can i legally enter into contract with C to sale C the house if I still don't own it until the first transactions closes?
Looks like wholesalers do this all the time so please enlightening me.
Thanks