30DAYS

30 Days to Real Estate Cash 127

Now let’s look at how to handle Double Closings. Remember, if assignments aren’t “ legal ” in your area, or if you want to work in more profit for yourself, the double closing may be just the strategy for you!

The double close is very similar to the assignment, in that you’re connecting the seller and buyer.

You’re still B, the seller is still A, and the investor buyer is C. You’re still doing a purchase contract with the seller. The difference is in how you transfer the property to your inves- tor buyer. Instead of an assignment contract, you do another purchase contract. You sell the property to the buyer with the intent of a double close, two closings on the same day, maybe even minutes apart. You become both a buyer and a seller. Attorney or Title Company for Double Closes You’ll need to do some research in your area to see if title com- panies are willing to do a double close. Since these deals will not involve a mortgage, cash all the way, there may be title companies willing to do a double close. It’s two closings, yours buying the home, and then you selling it, but you will not be putting up cash at the first closing, so this situation requires special handling. If title companies will not do a double close, or even if they will and you want more assurances that the deal will be handled properly, you’ll want to have a real estate attorney involved. Whether you are working with the title company or handling the

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