Roanoke, TX · Member since 2015 · 7 posts · 1 vote
From what I've heard it all depends on the location so I'm curious if it is legal here. Also, what are the pros and cons of a seller side only HUD? All I've heard about it are how wonderful it is because the seller and buyer don't see the other persons numbers but I don't know much else about it.
They are legal here in San Antonio. I'm an agent at networth realty and we double close all our wholesale deals. I usually request what's called a buyers hud from title and that's what lets the end buyer know what to bring to closing.
Are you referring to "Double closing" as "Sellers side only HUD" coz if I am not mistaken that's different.
From what I have learned, "Seller's side only HUD" is a single closing and the seller see's the numbers relevant to him/her i.e. the selling price he/she sold at, but not the buyer's purchase price. This addresses 2 concerns:
1) You don't spend extra money on double close
2) Seller won't know how much the wholesaler made thus not hurting their feelings !
I am still not clear if this is true and it will be great to have comments from someone who has done it. This is mostly used when brokering commercial wholesale deals they say !