Wholesale Double Close

1 Reply

Hello Bigger Pockets Fam!

Now, Lets get down to the Nitty Gritty! (HQ scotts voice)

Is it possible to do a Wholesale Double close, using the end buyers cash (from Escrow) to do both transactions (the A-B & B-C)?

Side note.. the buyer is cool with using his funds from escrow to do the transaction. 

Has anyone ever experienced this type of transaction?

If so.... PLEASE share! Thanks in Advance.

@Joshua Lowery That's a great question my friend. I can't speak for your title company and escrow officer, but usually no you can't do this. Typically people use a bridge loan, their own cash, or a line of credit to close it the first time and then go to the second closing. You might as well just have your buyer close it the first time, and give you whatever your assignment fee was after. This way you can avoid paying two closing costs, and fees etc. However this assumes he is trustworthy and will honor his word. Talk with your title company and the buyer and try and find a solution. I would just go through with the normal assignment in my opinion... however I know it can be awkward sometimes so do what you have to do my friend!