Double closing Experience? 60K profit in TX

Verona, NJ · Member since 2016 · 6 posts · 2 votes

I have a land purchase contract on some acreage in TX for $100K. I have a buyer interested in purchasing this tract for 160K with conventional financing. I believe he has 15-20% he is putting dow... I have been purchasing and selling land for some time now but this would be my first attempt at double closing on something. I have transactional funding available however i have read that most buyer's lenders won't allow for them to close on a property without a "seasoned title".

Can anyone confirm this? Does anyone have any experience with this closing procedure in TX? Or at all?

Thanks in advance for any input!

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Stephen MoralesBusiness Member
Jacksonville, FL · Member since 2025 · 402 posts · 205 votes
1y
Quote from @Chase Colon:

I have a land purchase contract on some acreage in TX for $100K. I have a buyer interested in purchasing this tract for 160K with conventional financing. I believe he has 15-20% he is putting dow... I have been purchasing and selling land for some time now but this would be my first attempt at double closing on something. I have transactional funding available however i have read that most buyer's lenders won't allow for them to close on a property without a "seasoned title".
Can anyone confirm this? Does anyone have any experience with this closing procedure in TX? Or at all?

Thanks in advance for any input!
Depends on the lender (30-90 day period) but typically you wouldn't use a traditional loan (Conventional, VA, FHA) to double close. The end Buyer would normally use a HML or PML.

Might be a better idea for you to wholetail it instead if your Buyer is solid.
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Chase Colon
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Verona, NJ · Member since 2016 · 6 posts · 2 votes
1y
Thanks for the input Stephen!
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