Agent not familiar with a double close

[Vince M.]

I placed an offer on a REO property last week and when I mentioned to the real estate agent that I would be wholesaling it and doing a double close she looked at me as if I had 3 eyes. She said she had never heard of such a thing. Just moments earlier she told me she had been in the business for 20 years. She left the room and returned with the escrow agent from their office who was also unfamiliar with the practice and wanted to know if I could hold the property for 5 or 10 days. This is a big agency(REMAX) so it surprised me that they had never heard of a double close. How often have you run into this and what did you do about it?

The agent did submit my offer and called me today to inform me of another property that has just become available so I guess I didn't scare her too badly.

[Carla Reid]

An Agent being in the business 20 years and an escrow agent that has never heard of a double close is a huge red flag, especially an escrow agent. Yikes! :wowie:

I would suggest finding an agent that is well-versed in working with investors. You need an agent that is on your side and won't be throwing a monkey wrench in your deal!

Additionally, seeking out a title company that specializes in working with investors and understands your investment strategy would be a good idea. Many of these title companies will give investors and their buyers up to a 50% discount on closing costs which can really add up. :D