This is my first property im putting under contract tomorrow a little nervous but i have 3 offers on the table but when i go to closing do i have to do a double escrow closing im securing the property with 10dollars what should i do
@Melvin Owens you are wholesaling the property? Typically you will need transactional financing as you must close and fund AB first to then close and fund BC
If I was not using transactional financing, and put 60 days in the contract, would that piss the owner off?
Who knows what would piss someone off. Why would you need 60 days if you have 3 offers in hand?
Again, what are you trying to do? Wholesale? Do you know what Transactional funding is?
It sounds like you do not have the cash to close the deal yourself so you have just 2 choices. Assign the contract to someone else for a fee or use trans funding to buy and then sell the property to one of your offers. Trans funding costs but you can generally make more net profit in Trans funding deals than off straight wholesale fees.
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@Eric Michaels 1. don't have the cash. 2. I Understand transactional financing. Maybe 60 days on the contract to find an interested cash buyer, not all buyers are going to be interested right away, yes it is a good idea to pre screen potential cash buyers to know what it is they are interested in buying. But Eric: If you've got a motivated seller and ready to put it under contract. And it takes some time, "more than 3 days." to find, "the right want to buy cash buyer." How would you suggest conducting the transaction to satisfy the seller who want cash now?
@Melvin Owens I'm new at this too, how did you get 3 offers when you didn't even have under contract yet?
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