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Forums » Commercial Real Estate Investing Forum » Double Closing a Commerial Property?

Double Closing a Commerial Property? Subscribe to Double Closing a Commerial Property?

5 posts by 5 users

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Charles F.

Real Estate Investor · New York, New York


Forum_avatar_avatar-invest2billions

Icon_minipost Jul 08 '09, 05:59 AM

I have an REO 6 Family Unit going for 450k, and I want to flip it for 750k to a Buyer. They are really interested in acquiring the property. They are going to finance for the property. Does anyone knows the double closing process for a commecial property?

Edited: 06/26/2010 at 08:54AM


Louis Bergman

Real Estate Investor · Weston, Florida


Forum_avatar_avatar-louis_bergman

Icon_minipost Jul 09 '09, 11:46 AM

Best advice I can give you is to close with an Attorney or Title Company with experience. Most commercial lenders don't really care, as long as the numbers make sense and the Appraisal supports the contract price.

You should be fine. :D

Edited: 06/26/2010 at 08:55AM


Charles B.

· Atlanta, Georgia


Forum_avatar_avatar-ecs

Icon_minipost Jul 19 '09, 09:44 PM

I agree with Louis. Commercial lenders tend not to be very picky about those sorts of transactions as long as the numbers support the final sales price.

You might also want to consider using "transactional funding." The funding source will probably require a closing agent that is quite familar with those sorts of deals.

Edited: 06/26/2010 at 09:02AM


Sam Kuria

Real Estate Investor · Atlanta, Georgia


Forum_avatar_avatar-samcashflow

Icon_minipost Jul 19 '09, 10:41 PM

I was very surprised to see an Assignment clause on an REO from US Bank that allowed either part to assign the contract as long as they were still responsible if the deal did not close. Check if there is an assignment clause or if you can add one.. it maybe easier than doing a double closing..it will save you money too.

Edited: 06/26/2010 at 09:02AM


Account Closed


Forum_avatar_avatar-bigdeals2010

Icon_minipost Mar 08 '10, 10:53 AM

Hello.. I have a great Transactional Funding program for both Residential and Commercial deals.
http://www.projectfundingnow.com/Investor-Loans.html
I hope you like this one...


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