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Updated over 4 years ago on . Most recent reply

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25
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8
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William Eric Schaefer
  • Rental Property Investor
  • Birmingham, AL
8
Votes |
25
Posts

Double Closing (In Escrow) Without Using Funds

William Eric Schaefer
  • Rental Property Investor
  • Birmingham, AL
Posted

I currently have a seller wanting to sell their home, however I am wanting to utilize the double close method where the end buyer funds the whole deal. 

My question is what contract do I use? And is anyone willing to show me what that contract looks like?

Most Popular Reply

User Stats

33
Posts
32
Votes
Alan Taylor
  • Wholesaler
  • Manassas, VA
32
Votes |
33
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Alan Taylor
  • Wholesaler
  • Manassas, VA
Replied

You'll need to find a closing attorney/company that is willing to do this - double closings are not uncommon, but depending on your state, your approach/strategy will need to adjust.  

In some states, this can be tricky, as they do not allow what is called a 'dry closing' -- where you essentially use the end-buyers funds to fund both closings - but in states where that is legal, or frowned-upon, you'll need to find a private/hard-money lender who is willing to offer 'transactional funding' (usually for  fee).  This will check the box for funding the double-close properly (if 'dry closing' is not an option) -- but you'll need to account for that in your math for how the deal pencils out. 

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