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Updated over 9 years ago on . Most recent reply

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Fez Moghul
  • Real Estate Investor
  • Fairfax, VA
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TRICKY RECORDING ISSUE - REO WHOLESALE

Fez Moghul
  • Real Estate Investor
  • Fairfax, VA
Posted

Hey folks, I am looking into possibly wholesaling this bank owned property  by double closing. However, the bank contract says that the closing agent must record the deed conveying title to the buyer. 

I plan on wholesaling this property by double/simultaneous closing. This is why I do not want them to have the closing agent record the deed in my name. 

Any suggestions by people who have had prior experience dealing with this will be much appreciated. 

Thanks

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Jon Holdman
  • Rental Property Investor
  • Mercer Island, WA
14,128
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Jon Holdman
  • Rental Property Investor
  • Mercer Island, WA
ModeratorReplied

Double closing implies that for some period of time you do in fact own the property.  Recording is an essential step in that process.  Twice, in fact.  Once from the bank to you and a second recording from you to the end buyer.  So there will be not one but two deeds with your name on them.  One as grantee, one as grantor.  Unavoidable with a double close.

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