Financing for a wholesale deal

[Clay Turner]

I've got a property under contract and had my buyers financing fall through due to it being an assignment contract. My past deals have been on properties that I actually owned so financing was not a problem. I have another buyer ready to sign but they need bank financing. I don't have a big list of cash buyers. My question is do banks offer financing on wholesale deals? Would a double closing solve this issue? Thanks for any help.

[Bill Gulley]

No double closing, you can't use your buyer's escrow money for your purchase any more.

Have your buyer buy out your contract, release the right to purchase for a fee and have the seller contract with your buyer at the same price! Get out of the way of the deal and your release fee will/can be collected at closing for a clear title, don't assign a bad contracts. :)