All Forum Posts by: Autavea Dabney

What parts of the country are you interested? This board will give you a wealth of information. There are people on this board who have the luxury properties you are in need. Give us all a little more information such as, the LTV, rehab or no rehab, MLS or no, etc.

This is a great thread! I believe we all no someone who can benefit from this information.

Thanks guys!

To those of you that have done double closes, have any of you done a double close in FL, AZ and UT? If so, can you pass on the contact information?

I think the double close is "illegal" depending on your state. I say "illegal" because that's a word that is being thrown out so much in the Real Estate profession these days. I spoke to several owners of Title Company’s in Texas and was told they did simultaneous closings all the time until recently. I was told the FEDS have said those types of deals are one of the triggers for mortgage fraud.

I spoke to several QUALIFIED and well respected Real Estate attorney's in Atlanta and was told I could not use the proceeds from the first to fund the second.

Again, different states are allowing different things.

Can some of you tell me what city and states you have recently, this year, have done double closings?

I suggest being upfront with both parties, your Investor friend and the Realtor who brought you the deal. Telling both of them what's going on keeps you free and clear of any misunderstandings.

I wouldn't stop. I would file a complaint with the Real Estate board in your city/cpunty. Realtors are required by law to uphold certain rules, regulations, standards, etc. They agreed to follow the above when getting their license. What it seems the Realtor did to you is not something I'm sure you would want her to do to someone else.

The assignment is up to the lender. Many lenders frown on assignments. They look at them as possible kickback situations; meaning a portion of the assignment fee goes to the Buyer. I know Texas is under tremendous scrutiny for these types, and other, creative transactions. I would suggest checking with the lender of the end buyer as well as the title company you will use for closing.
I hope this helps you in some way.

I've heard about that. What's the minimum contribution and the monthly return percentage on your money?

I would put at least half of it in trade and continue purchasing Real Estate on a higher level.

I was told by a lawyer that a double closing is illegal if you are using funds from the 2nd closing to pay for the first. Any comments from people who have done double closings?