Dual Closing Question

[YeeHaw]

I have seen literature on dual closings where the wholesaler closes with the BUYER first then closes with the SELLER later that day.  This is supposedly done for two primary reasons:  to fund the deal with the BUYER'S money and to avoid taking title to the property.  Is this basically assigning your INTEREST in the property on the day of the closing or is there more to it than that?  And why would a rehab investor close first and give you the money for the house when you haven't closed yet with the seller?  

I would also like to get anyone's thoughts on dual closing vs. assignment.

[tedjr]

Howdy YeeHaw:

It does not matter who closes first or even if the same day. You are trying to complicate the deals. The title company does not rush out and record all the documents and give everyone checks until the complete transaction is signed sealed and funded. Funding sometimes takes days especially if a buyer or seller is out of town. Lenders sometimes need docs over-nighted to them also before funding. This can be the case even without a flipper in the middle of the deal.

Closers familiar with flips will help you do the deal and make it smooth where the buyer and seller do not have to know how much you are getting paid. As a buyer I always want to know how much extra I am paying when I buy from a wholesaler but I am not typical.

[YeeHaw]

Thanks for the info.