OfflineReviewing the assignment contract again I noticed that a copy of the purchase agreement with the seller is supposed to be attached to the assignment agreement with the buyer. That befuddles me if I plan on doing a double close. If the purpose of a double close is to prevent the seller and buyer from knowing the amount you make on the deal, wouldn't giving a copy of the contract with the seller negate the reason for the double close since the buyer would know exactly what you are making since he would then have the information on both sides of the deal?
Thanks
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Verna (newage8767)
Hey Verna,
the reason that seems strange to you is the fact that you are combining two techniques. You do EITHER a assignment OR a double close, with other words, there is no assignment agreement in a double close. (two purchase agreements)
Good luck to you.
Thomas
When you assign the contract you do not do a double close! The person (buyer) you assign your contract to steps into your position and closes in your place therefore there is only one closing.
If you want to do a double close you must have transactional funds or some kind of funding to purchase the property first then sell it to your buyer at the second closing. You may be able to do a DRY double close where your buyers funds cover both closings. Close the b to c first than the a to b.
I have never done a deal that the buyer was not fully disclosed to in the first place. If the price is right for them a good buyer should not care what you make!
Hope that helps,
Michael
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Michael gave a great explanation, keep in mind it's harder to find title companies to do dry closings.
Thanks Everyone. I'm sure I already knew that, but Thomas said I think I got my wires crossed for a moment. As I was reading you responses I thought, Geeze I must have been on overload when I asked that question! Sorry. I thanks you all though for getting back on the right track.
Always striving to move forward toward better times!
Verna (newage8767)