In this episode, you will discover my 7 simple steps guide to smooth double closing as a wholesale real estate exit strategy.I personally prefer double closing my deals to assignment contracts.
By using this strategy, I engage 2 simultaneous closing incurring 2 separate charges for 2 settlement statements. But I also avoid greed driven conversation with any of the parties involved.
STEP 1: Go under a separate contract (B) with your Buyer
STEP 2: Confirm an EMD deposit with your closing agent or attorney
STEP 3: Confirm Funds or Get a Clear to Close from buyer’s lender
STEP 4: Send the 2 sales contract A and B to your closing agent and inform them that it’s a double close transaction.
STEP 5: Ask your closing agent if you need a 2nd funding source for transaction A
STEP 6: If so, send the 2 sales contract A and B and closing agent info to your transactional funding lender. They need to confirm that transaction B is approved for funding.
STEP 7: Schedule your double closing
How to Double Close - Have an investor friendly title company facilitate the whole process. By doing that, you will learn from experience. As an investor, it’s not your responsibility to know how to double close.
When you contact them, ask if they do double closing. If they say “no”. Don’t engage in educating them. Keep calling the next title company until you find one.
The best way to find one is to network at your local real estate investors association on meetup. Go to meetup.com to find them.
BLOG POST - https://myempirepro.com/blog/
ABOUT YOUR HOST ::::|
Ola "Tux" Abitogun is the Creator of myEmpirePRO and author of Smart Real Estate Wholesaling. He became a FULL TIME entrepreneur in October 2006.
He is a computer engineer and an engineering management graduate from New Jersey Institute of Technology; (NJIT) class of 2004/5. He was born in Dallas Texas and raised in Nigeria by his Nigerian parents. He considers himself a proud Nigerian American.
Today, he is a marketing addict, trainer, marketing and business consultant, real estate investor and all around serial entrepreneur. Most importantly, he is husband and a father. The professional work he is mostly proud of is personally helping 1,000+ entrepreneurs around the world reach greater heights in their careers.
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myEmpirePRO :|: http://myEmpirePRO.com
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