I searched the forums but came up empty, so I thought I'd post this here:
Is there any legal considerations or penalties to worry about in buying a duplex and then selling it immediately? Is it possible to do a double closing, one in which I take ownership and then immediately following close on the sale?
I have an out of state buyer for a property that I am purchasing and would love to turn it over immediately.
Thanks for any help!
Yes you can do a double closing. We do some double closing here in Indiana. You just need to use an investor friendly Title company and let them know what you are doing.
The Title companies that I could Recommend that have worked with are in order:
Hocker & Assoc, Pioneer Title, Eagle Land Title, Meridian Title.
Thanks, I hope this helps
Thanks, Brett. I have a good connection at Meridian. I really appreciate your response!
I do over 60 double closings a year with Meridian Title & Hocker & Associates.
The only thing to watch out for is if the seller [usually a bank] puts a 90 day deed restriction on it. HomePath & BOA, for example will put a 90 day restriction limiting you, the buyer, from selling the property for more than 20% over what you paid for it.
Other than that, you should not have any issues with double closings in Indiana.
Makes a lot of sense. Thank you, Shawn!
Cash would be best for this kind of short term investing. Mortgage companies will hit you with additional fees if you close prior to 120 days. Just a something to keep in mind......
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!