I have property under contract, but my end buyer is a conventional buy and was told by lender it's not possible to pull this off due to name on title, being sold from a Wholesalers does not work. MUST come property owner only to fund? What options are there?
Find a cash buyer! :)
Can you double close?
I've been told a double closing is not possible? Name on Deed AND Seasoning is the issue.
Troy, you're correct, the title commitment to the lender needs to show the seller in title to their borrower. In order to do a double closing it will need to be filed for record so that the wholesaler will be shown on a new title search. Three ways to do that.
1. Use transactional funding, funds in escrow until the second closing, if you can find a willing lender; or
2. Have the seller finance the sale to you, 100% with a balloon payment due in say 60 days; or
3. Use the "TIC, TAC, TOE" method (of wholesaling) to acquire a fractional interest from the seller so both of you are on title. And, this is the best way of the three.
Good Luck :)