Hello Seasoned Investors,
Here is my question, I am closing on a house on this Friday. I am wholesaling it immediately to another cash buyer, because things happened very quickly-like my buyer just decided on Monday that they were taking the (Great Flip with $70K+ profit) Here is my situation. I bought the house on foreclosure, out of state closing company is doing the initial closing, (I know bad choice) I am wondering if there is a simple way of using my buyer funds to flow through to my purchase without doing another closing, or using transactional funding. Is it possible to sign PA with my end buyer (which I know personally) have them give me/title company (I have to witness close at a in town closing agency) the funds, which I then in return wire funds to my first closing, and give my end buyer a quit claim deed to the property and not have to formally do a second closing, they know they already have to wait a few weeks before the other title is filed. Please get your creative thinking, knowledge hats on and help me see the best way to close this deal on Friday!
I had difficulty following your thread but maybe the following website and info can help with transactional funding for your deal.
I have no affiliation with the link below.
Let me know if this helps close your deal.
Well, there is typically no way to do this properly. But if your buyer trusts you enough to "give" you the funds for his transaction in advance then yes you probably could do this.
Never heard of that happening though. He would have to be a very trusting buyer.
Usually people have to use transactional funding because the title company will not allow the C Buyer's funds to pass through escrow and be used for the B Buyer to to pay off the A Seller. Back in the good old days that is how we all did our flips.
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