All Forum Posts by: Duane Ortega

@Lori Greene

Online POF letters do work, but also some require bank statements to back it up in addition to POF. Those same online double closing funding cos should be able to provide it. Most have fees for actual bank statements. PM me if you need further details.

@Lawson Ott

Let's say you told and documented to the A seller that your purchase is contingent upon wholesaling it, and you are going to double close...

Given this scenario, you will not own the property if C buyer is not for real since they will have to show up with the money at the closing table on the day of closing (not to mention they would have had to put down a significant non-refundable earnest money deposit, enough for them not to just walk away).  If there's no C money at closing, you don't close and then find another buyer.  You will not be stuck owning the property since you disclosed to A seller what your intentions are and the contingencies.  Additionally, the transactional funder will not fund if there is no money from C.

@Account ClosedI'm no title agent nor escrow expert, but why not have BC closing agent wire her 75K from your profit the day you double close? The BC HUD would have your profit at let's say 100K. You instruct them to wire 25K to you and 75K to A seller. While it is through escrow, it doesn't name her on the HUD. Does this make sense, or am I missing something?

@Account Closed

I can provide the info you need.  PM me.

@Saar Kagan

Would I theoretically be able to purchase this house and then turn around and sell it for its market value (for a non-rehabbed house) in its neighborhood?

>>> Yes, of course. Need to consider end-buyer financing. If cash, no problem. Otherwise, need to most likely sell to large down payment buyers so they won't have those FHA restrictions as stated above.

>>> Another scenario would be if the houses need work and cannot be sold to a retail end-buyer, and they are being sold from HUD or REO. You can just double close (can't do assignments on these) and sell it to a cash rehabber. Problem solved - you just flipped without the fix.

Good luck,

Duane.

@Kevin Means

@Kevin MeansNeed to make sure there are no resale restrictions from the mortgagee (bank) on the short sale approval letter.  If there are, you may not be able to re-sell for up to X days.  If so, then you need to account for this in your double closing or maybe get hard money.

@Lisa Mazzarri

I can give you a list of Chicago title companies who can double close.  Contact me for the list.

@Don Yacono

Google transactional funding for nationwide lenders.

@Lisa Mazzarri

I know several title companies in Chicago who perform double closings, and can answer any transactional funding questions you may have.  Feel free to contact me.

@Nicole Graves

@Nicole GravesYou can also google transactional funding.