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Updated over 10 years ago on . Most recent reply

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Will Gaston
  • Rental Property Investor
  • Columbia, SC
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Is there a way to avoid a double closing in this scenario?

Will Gaston
  • Rental Property Investor
  • Columbia, SC
Posted

I've got 2 properties that I am scheduled to close on for 10k total next week.  I've accepted an offer for 16k that is going to close on the properties immediately after I close.  My attorneys fees are $500 for each property, so I will be coming out of pocket $1,000.  The end buyer will also have to pay to close (only $500 total because of all the title work, etc will already be done.)

Is there a way to avoid a double closing?  I foolishly did not write "and/or assigned" on the original contract from the seller, so I'm not sure what to do. Any suggestions would be appreciated.  I've bought lots of rental property, but this is my first wholesale deal.

  • Will Gaston
  • Most Popular Reply

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    Wayne Brooks#1 Foreclosures Contributor
    • Real Estate Professional
    • West Palm Beach, FL
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    Wayne Brooks#1 Foreclosures Contributor
    • Real Estate Professional
    • West Palm Beach, FL
    Replied

    Unless your contract forbids assignment, in most states you can still assign.  Would your buyer being okay knowing your mark up?

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