Hi, I have a deal I could make a good bit of money on, so I've been wanting to double close instead of assign the contract. This deal is in Nebraska and I can't find a title company willing to double close; even the "investor friendly" title company I was recommended said there's too much liability on them if they double close and they are refusing to do it. So I guess my questions for the group are, 1) How long do you have to hold a property for it to NOT be considered a double close? Is this possible? and 2) Is there anything else I can do in this situation?
Have you tried Midwest Title? I have never done a double close before, but, they have been great to work with over the years. Might want to give them a call:)
If your bringing money to the table on the first closing there no reason the title company shouldn't do it. They're making almost double the fees. The closers can just get confused. I've done them with banks involved at numerous title companies in Nebraska and never had a problem after I walked them through what I was going to do. They don't like doing dry double closes meaning your using the funds of the 2nd closing for the 1st closing. If this is the case you can get a bridge loan to fund the first if you need it. Feel free to reach out if you have any questions. Good Luck!