Double closings...quick question..

[James Vasquez]

Hello,

This question is probably for those investors in the forum who have completed a wholesale deal or two with bank owned properties. I ran into a situation were the seller (US Bank NA) didn't want to sign the closing docs & deed until I closed my end first. This meant that I couldn't use transactional funding, because they typically only fund for a day and it took 3-4 days to get a signed deed back from the seller who was out of state.

Has anyone ever encountered this roadblock? If so, what did you do to get through it? Any advice is greatly appreciated?

[Bill Gulley]

Unless that arrangement was in the contract, they don't get a dime until the executed deedis sitting on the table! I'd also tell them I'd be filing a notice of les pendens for performance and ask for damages. Generally in ORE/REO if you sued a bank addendum, read it carefully, but it will say they won't be liable for damages, horse pucky!

I told a bank I could keep it off the market for a year if they didn't get moving (totally different matter) and they moved.

It's absolutely none of their business where your money comes from or who you borrow from.

No bank policy is law and it doesn't take much for me to point that out. Just be right! Good luck!