30 Days to Real Estate Cash 129
buyers wants that deal, I either assign the contract or I double close. You do handle double closes, correct?”
You’ll get a “ yes ” or a “ no ” , and keep going until you get a “ yes. ” The “ yes ” will come from a real estate attorney who thinks that you’re a sophisticated buyer and he’s more than happy to work with you. This can all be done over the phone with no driving around or meetings. It’s OK to be nervous making these calls. You’ll start out that way, but by the second or third call you’ll sound like a pro, and the attorney will consider you a sophisticated investor. That’s all THERE IS TO IT /NCE YOU HAVE YOUR TITLE COMPANY ANDOR ATTORNEY in place, you can start doing deals with double closings. Double Close Example You’ve located a great deal, one that has plenty of room for you to profit and still be one that investors will want to buy. You lock the home up with a contract with the seller for $50,000. You’re basically agreeing to buy the home at that price. You have a cash buyer who wants the deal, and they’re willing to pay $70,000. That’s a nice $20,000 spread for you. Here’s where the process changes when you’re doing a double close instead of an assignment. In your contract with the seller, there will be a closing date, and you and the seller are bound to close the deal on or before that date. So, if that date is 30 days out, and it takes you five days to find this cash buyer, you will need to write the contract to sell to the buyer with a closing date 25 days out, on the same day that the other deal is closing.
Your title company or attorney is important in this process, as it’s critical that both deals move forward in such a way that the
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