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.
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.
@Jon Holdman Thank you Jon.
Happens to me all the time but isn't a deal breaker by any means. Talk to the title company you'll be using and ask them for a solution. Typically if the end buyer is using CASH this isn't an issue. Its like a dry closing. There's will be recorded as soon as your's has been. Shouldn't take more then 24/48hrs. If the title company is on board I've had them some how keep title open and do them both at the same time here in IL. Save yourself a big headache and opt to use your preferred title company from the beginning if not able to add purchaser to contract.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.