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Updated about 12 years ago,

User Stats

127
Posts
10
Votes
Matt Liu
  • Jersey City, NJ
10
Votes |
127
Posts

Buying cash and flipping to a mortgage buyer?

Matt Liu
  • Jersey City, NJ
Posted

I actually have two questions about wholesaling with a double close.

The first is - when I lock up my end buyer for a house, should I use a standard purchase contract with a contingency that the A>B transaction goes through?

And secondly, if my end buyer wants to use a mortgage to buy (and needs say 6 weeks for this) [b]while my A>B transaction is supposed to be cash (and must close in 2 weeks), how do I do the double close? If I close A>B with transactional hard money and then B>C backs out for some reason, I am stuck with the house! which may not be so bad if it's a nice rental. but it will be bad with 14% hard money!

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