double escrow question

[Damien Fausto]

correct me if I'm wrong but today had an appointment with a seller, everything was going good but when I told her I was planning on doing a double escrow she backed out. She had said that it was illegal to do this. Is this true? I am fairly new to wholesaling an would like some clarity on this. Any info would be greatly appreciated.

[Account Closed]

There are other ways to get the deal done besides a double closing/escrow.  They aren't illegal but it's not that easy anymore to find an escrow company/agent these days that will use your end buyer's fund to close your purchase.

I suggest you don't start off negotiations with a seller by telling them you're selling to someone else at a mark-up without closing with your own funds.  Think how you would react to that:  Sure, I'm happy to buy your classic Corvette or Porsche for $10K.  Just know that I'll be arranging escrow services......because I don't have $10K, but I did find a buyer for $20K.  Even the most unsophisticated seller will think they can find the buyer for $20K themselves.  Which they can't.  But in the meanwhile your deal is dead.

What are the numbers?  Like I said, there other ways to get the deal done.