HELP, I HAVE CONTRACT NEED TO LEARN HOW TO DOUBLE CLOSE

[seate5]

Can anyone tell me how to double close. I have a contract and I don't want to keep it, so I can make quick money. I want to double close on the same day with an investor. Do I need to find a title company that will double close. Or I may assign the contract if I can't find a way.I head I can make more on a double close. Can anyone give me an idea???

[kdhastedt]

Ummmm...this thought didn't occur to you BEFORE engagement?

You need to see if you can find a title company that will do a simultaneous close of one that will do back-to-back closings.

Keith

[bobw2829]

If someone double closed me I would punch them in the face.

[Rich_in_CT]

If someone double closed me I would punch them in the face.

Why?

[rgchamb]

What Keith said.  FYI, I put "and/or assigns" in my contracts so I can have the option to assign it or double close.

[ericmedem]

Since nobody else is answering, First contact a title company and ask them if they will do a back to back closing.  If they dont know what that means tell them you would like to close your deal for the purchase of home A from seller 1.  Then after you close your deal purchasing home A from seller 1, you would like to sell home A to another buyer we will call buyer 1.  Then you would like to take your money from the sale of home A to buyer 1, and use it to pay off your original purchase from seller 1.

If the title company wont do a back to back or double close then you will need to ad an assignment clause to the contract, or you could ask the seller to ad on another buyer to the contract,  have that buyer pay you your fee in order to be added to the contract.  Then have him close on the contract as if you assigned it to him, except at the end of closing quit claim deed yourself off of the deed.  I only use this method if a bank wont allow me to assign the deal.

[bobw2829]

If someone double closed me I would punch them in the face.

Why?

Because it's unethical - which is why closing usually occurs in seperate locations for each party.    

[seate5]

Since nobody else is answering, First contact a title company and ask them if they will do a back to back closing.  If they dont know what that means tell them you would like to close your deal for the purchase of home A from seller 1.  Then after you close your deal purchasing home A from seller 1, you would like to sell home A to another buyer we will call buyer 1.  Then you would like to take your money from the sale of home A to buyer 1, and use it to pay off your original purchase from seller 1.

If the title company wont do a back to back or double close then you will need to ad an assignment clause to the contract, or you could ask the seller to ad on another buyer to the contract,  have that buyer pay you your fee in order to be added to the contract.  Then have him close on the contract as if you assigned it to him, except at the end of closing quit claim deed yourself off of the deed.  I only use this method if a bank wont allow me to assign the deal.

Thanks for the advice.

[kdhastedt]

If someone double closed me I would punch them in the face.

Wow!  I'm predicting a great future here...! 

You go on in the next post to say, "Because it's unethical - which is why closing usually occurs in seperate locations for each party."...how do you figure?  If I contract with a seller for $XXX and the seller is happy with that (and he should be or else he wouldn't sign the contract), how is it "unethical" to resell at a higher price?  Have you ever bought a property and then sold it 5 years later for more?  Is that unethical?  What are the limits that you propose?  Is your "unethical" determination based on law?...on fact?...on local tradition...?  Or just on your personal opinion?

Keith

[bizarrefun]

kdhastedt  you are right its not unethical

the early bird catches the worm.....

KNOWLEDGE IS POWER,,,,as ericmedem says and i have beeen doing this for years,,,,get the bugs worked out beforehand,,,,,do your homework 1st ....

make the calls beforehand

my 2 cents

Robert A. Doncaster, Jr.
Import/Export Entrepreneur & Investor
*** DO YOUR HOMEWORK ***

Chicago Illinois USA
& sometimes Salzburg, Austria

[JasonAL]

Double/simo closing isn't really any different
than reselling a house months or years afterwards.

Nothing un-ethical about that. 

[GOD WNZ]

Evening Bob,
 Double close, dry closing, back to back etc are standard operational procedure for investors. Not illegal or unethical. Standard practice and an every day occurance. It's right up there with buy low sell high. More than 80% of the items you use when you wake up is part of the "double close" procedure. Most items on the planet....are sold this way. Middle men every where have warehouses full of goods to be sold to us that they don't pay for until we purchase the items from them. Only then does the manufacture get paid.
 Welcome to Earth Bob,
             

[bobw2829]

Have you ever bought a property and then sold it 5 years later for more?  Is that unethical? 

No, because time has passed and the property should appreciate in value.

[bobw2829]

Double close, dry closing, back to back etc are standard operational procedure for investors. Not illegal or unethical. Standard practice and an every day occurance. It's right up there with buy low sell high.
             

I certainly understand the principles of business.  i just personally feel double closings are unethical.  Let's just agree to disagree.  And I'm a non-violent guy, so there would be no punching in the face - Although I'd be really steamed.

[GOD WNZ]

All in fun,
Thanks for your input. If I can help with any thing just ask,
 Darin