Double Closing 0 Money

Can you give us the logistics of how it worked? Your end buyer brought the money, and you closed first right? Then paid the seller minus your profit?

cathyb

Yes, I had my people in two different rooms. The title company already had the checks cut. I closed the deal with the people, I bought the house from. Then i run across the hall and did the paper work with the ones I sold the house to. We left with our checks, WIN WIN for 3. But at least I know their are still title companies that do dry closings. Sure beets sharing money with a short term lender.

Randy

You are the man Randy!!! Is this title co nationwide or just local?

I thought in that scenario that you close with the end buyer first and use that money to close with the seller.
Playing devils advocate- Doing it the way you did,what if the end buyers bank has a problem after you close with the seller?
I would assume you would need to have a HML ready to go as a back up.

You are good for a southerner Randy

Richie

This is were I throw it back to the title company to make sure the money is their. Remember they work for me. When I go and talk to them i let them know that i have several working for me. LOL And would they like working for me. I really cut my cost down to on my closing since I only have title for less than 5 minutes. Think about it for a minute. I don't even need title insurance. My end buyer has already done all that for me. Its all just a game. May me one day i will get this mastered. If not it want be from the lack of trying. THIS IS THE REASON I TALK TO EVERYONE IN PERSON.

Randy

Was this an REO?

Great job !!

Curtis Fillers
(Charotte,NC)

Congrats---Just goes to show--you dont ask,you dont get !!! mike

No just one that I got for 0 down and passed it on to a end buyer with no rehab. I did cut the grass once but I neted 10k,

Randy

That's one thing in this business, You can;t be afraid to ask. The most they can do is say NO.

Randy

I wish I could talk to everyone in person! Man, I TOTALLY hear and see the benefit of it. It just isn't feasible to do this for me. (4 kids in tow at all times). I need to weed them out over the phone at the very least first. I guess that gives me a disadvantage, but I can only go off of the circumstances I have and make the most of it!

Would you say its more the individual person you're dealing with then, and NOT the actual company itself? If I had Lawyers Title for instance, would one office do it and another not?

These weren't REOs, but how about any in the past? Have you ever done a dry closing with any REO or Fannie property? Do you tell the end buyer your profit upfront? And, last question, sorry!, have you ever done one where the end buyer needs to get a loan?

Great job as always Randy! You sure have the determination and drive, that's why we all look up to you!

First of all - Great Job! You are an inspiration.

Do you have experience buying the property in LLC and then selling the LLC to the end buyer to avoid back-to-back closing as well as to give you the opportunity to "assign" REO and short sale properties.

I have yet to find a title company in the San Francisco Bay Area that will handle back-to-back closing that's why I want to try the LLC route.

I would appreciate a response from anyone who has experience doing this and especially in California.

Thanks,

Haim

I do not want to hijack your blog, but if you will allow me, I just want to share some information. Since I use to invest in Baltimore, MD. I have the addresses of three properties, that was sent to me by an investor that I will like to share with the family. Please pm me and I will give the addresses and prices. Thanks Randy. Will read your blog later, I am on my way to work. God Bless.

Sandra

Thanks, once again, for sharing a tested real estate solution. Your advice is always awesome and helpful. We all appreciate your taking your valuable time to share your personal experiences. Continued success to you both. Semper Fi. D-LO

another great deal. Could you provide the details to the contract, despite we already know the profit margin. Congrats Randy.

Sandra