this guy knows about how to do it. read and contact him if you have more questions.
You're not going to find a title co. that will use C's funds to close your transaction with HUD. You'll need your own funds, transactional funding. HUD properties are a popular target for rehabbers soyou'll have plenty of competition for these.
Make sure the title co. understands you want to use the end buyers money, for Your purchase from HUD.
Definitely @Ryan Kopczyk !
407‑712‑3285 | http://www.welovefsp.com
Originally posted by @Anibal Zapata:
Hello Everybody, I'm in the process of learning how to wholesale HUD homes. Is doing a double escrow in Florida legal? As in my A(hud) to B(me) would happen once I get accepted and once i send in all my earnest money and paperwork. Then wholesale it to an end buyer B (me) to C(cash buyer). So during closing my title agency would accept C (cash buyer) funds to close the A(HUD) bid accepted price and I would keep the difference. And everybody would be happy HUD sells home, I receive my wholesale spread and cash buyer receives great rehab home
please advise :)
What your referring to is a simultaneous closing/dry closing. I can't imagine any title companies still do those. If you do find a willing company please share their info with me.
As an alternative to a dry closing:
- An AB to BC closing with transactional funding would work.
- A purchase with a title holding entity and then selling your interest in that entity to the buyer would work.
- Partnering with the buyer on the contract and quit claiming for a fee at closing would work.
Ryan's company as previously mentioned - http://www.seprotitle.com/
Not sure what its like in Miami, but I have done hundreds of these in Central Florida and there are multiple title companies that can do it. Short sales require transactional funding aka won't let you do a dry closing by taking c funds to close a funds. @Ryan Kopczyk has helped me a lot with this.
Thank you for the comments guys. I'm reaching out to him right away
@Anibal Zapata Hi Anibal, I am with a very investor friendly title company in Orlando but can close on any property in the state of Florida. Greg, Kent and JC (Thanks guys!) mentioned my name above who I work with a lot. Most title companies if they know how or what a double closing is, require you to have transactional funding in the middle but with us we can use your end buyers funds to fund the entire transaction as long as its not a short sale and your end buyer is using cash or hard money. If you need any help or have any questions please feel free to call or email me anytime. I love building relationships.
Ryan Kopczyk, Southeast Professional Title | [email protected] | 407‑539‑0781
As a Direct Lender we've worked with an abundance of Title companies & frankly if we could move all of our closings to SE Pro Title we would do so. They understand the needs of investors as well as the structure & formats the lender needs to complete the process successfully.
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