Double Closing question

Yes to question 1. However the seller usually pays at least 50% on the a to b.

When I double double close my buyer pays the closing costs on the b to c.

So my closing costs are 50% or less on the a to b only. This amount comes out of my gross profit on the b.to c.

Michael Mangham
Mentoring/Partnering Nationwide
MD Home Acquisitions LLC

Do you think I could negotiate with the seller to pay my closing costs 100% from a to b? (seller is most likely a bank)

Hi Crimson487 and michaelmangham,

Does your credit get run during a double closing?

Thanks,

kmjfoster

you dont ask, you dont get-

the worst case is they say no or negotiate to pay 50% or up to $xxx

Despite us never doing a wholesale deal, we almost always(about 98% of the time) have our buyers pay all the closing costs when we sell the properties on our own. This along with saving the RE commission is why we prefer to sell our properties ourselves. Here in Florida, when at least going through real estate, the seller pays the title insurance & county "doc" stamps. This usually runs about 1.25% to 1.5% of the sale price of the property. Of course, you can always negotiate ... some most RE agents here are closed minded about this practice. These last 2 properties Jill sold to the same buyer for cash are a good example ... we pocketed about an additional
$ 1200 at closing, not to mention the $ 3900 to $ 7800 we saved on RE commission depending if it was listed as a "flat fee" or regular listing.

I guess my greatest fear is paying closing costs with monies that I don't have yet, I'd like to make sure that I can take care of any costs in case I can't creatively finance what I need to pay for.

The money to close would come out of your gross profit on the deal. Not out of your pocket. Make sure you account for this cost when you make your offer.

Also, like Mike and Gary said, You can negotiate with the seller on how much closing costs you will be responsible for.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

Hi Michael,

I was wondering if when doing a double close, my credit will get run, even though it is going from the seller to a buyer.

Thanks,

Kyle