Closing Deal HELP!!!!!

To do the double closing you will first have the closing with the sellerr of the property and then, usually the same day you ( the new owner of the property) will sell the property to your buyer and get your money back plus the profit that you built into the deal.

I hope this helps, it's easier than it sounds.

Best of luck

Jeff

Hi Jeff, thank you for the reply. Suppose I do not have a checking account or the funds available to give to the seller?

I hope you can help, I really need it. I put out an ad and got a response and this is all happening so fast.....never thought it would happen like this.

Even after reading the book over and over again with understanding, it hard to figure out when it all hits you in the face.

Good morning RealNFlorida!
I know in MI you can do this. You can also do it in Ohio. There are so differances between the states. IN MI you do not need to have cash at the first closing. The buyer at the second closing will bring in the cash. In Ohio, you have to have cash at the first closing and the second closing. To do this you can use transactional funding. Does it cost to do so? Yes. It is a short term loan (usually one day). They will want to know everything about the deal as far as who your buyer is. Additionally, you will have to calculate out the cost of the loan from the deal.
So first, you have to find out if you can close the first with no money or if you need transaction funding.
I hope this bit of information helped!
Best of luck with your deal!!!

Hi Earl, thank you for that info. I'm not sure what the rules are here in FL but the info is very informative. I will look into that. Thank for your help, this is a great place for help when it is needed.

Do you think giving the Investors Disclosure Notice the best route for me at this time?

Real florida

When you ahbe no money to close on a deal, there are companies out there that will allow you to use there money involving a double close for I think it's 2% of the loan amount plus an admin fee of $600 to $700. So for instance if the home is $100,000 and your profit was $10000 on assignment, after cost you would net $7400-$7300, the cost of using OPM but well worth it to get the deal done. Check out this site www.coastal-funding.com, they offer transactional funding.

Best of luck

Jeff

The webpage above is one I have seen on the DG.com forums, I know nothing about the company except that others have used them. I am not a lawyer or an expert in this type of funding.

Real

Is your buyer a cash buyer? Have you qualified them? Did you make sure that they are for real and what their intentions are? I ask this to make sure that you don't waste time on a buyer that might not be what you are looking for.

Best of luck

Jeff

Again, again, thank you Jeff.
The buyers are already in talks and getting a approval letter from their bank. I understand what you are saying, I sure don't want to put alot of effort into a dud of a deal. Also thanks for the website for immediate funding, will look close at it. Earl is also helping on this deal and I asked him if doing the Investor Disclosure Notice was a good first step. What are your thoughts on that?

I think the concept of double close have been spelled out by our DG family members above. If you built your power team, you would also have a real estate attorney as a member -- use him and leverage his skill! He should know how to do the double close. Don't worry about the paper work, pass this on to your lawyer, give him all info and he should finish this for you. This way you can do what you are good at.... move on to finding the next deal.

Thanks so much for your insight as well as your time!!!!! The DG Family is a great family to be apart of!!!!!