All Forum Posts by: Richard Prescott

The nuts and bolts of it is pretty easy. For a double close, think of it as A-B-C where the seller is "A", you are "B" and the ultimate buyer is "C". With an investor friendly title company they will close everyone at the same time (in different rooms). They will use funds from the B-C transaction to fund the A-B transaction.

I've never used transactional funding before. If I understand it correctly, you would close just as if you were going to keep the house. Then close the same day, or soon after to sell the house.

Is that about what you were thinking?

Thanks Rob,

I understand the general concept but not really sure when the attorney/tittle company receives then disperses the funds.

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Hello,

I'm currently close to putting a contract under offer with a bank with a $40k profit for some cash buyers/rehabbers. Unheard of now in the Decatur/Atlanta market.

I'll be wholesaling this via a double close using transactional lending but just wanted to clarify who gets what, and when?

Can anyone please give a full step by step run down of when I pay the closing attorney, my end buyer pays me and anything else in the process which can slow me down as I'll want this done quickly....

I thought I'd post in here as I'm working in the Atlanta market and also keen to develop relationships too.

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All Forum Posts by: Richard Prescott

Richard Prescott has started 1 posts and replied 12 times.

Post: Run Down of Double Closing Process - Who Pays Who and When

Post: Run Down of Double Closing Process - Who Pays Who and When