Wholesale closing transactions

[Steven Matthew feliciano]

Hello everyone on BP! So I recently just started up my career in wholesaling down in south Florida. And yesterday morning I managed to come to an agreement on an offer with a seller. I explained to the seller how the contract works and he agreed to sign. 1 day prior to this event, I emailed an escrow, title company that does a lot of work with a local real estate wholesale company called BREIA. In the email I stated that I was looking for a reliable escrow, title company I could bring business to. The owner of the company replied to me after I negotiated with my seller and informed me that in order for a wholesale transaction to legally take place I first have to close contract A with my own money, a lender, or transactional funds before I can close my assignment contract. To my understanding this is considered a “Double close” am I right? Is closing simultaneously ilegall? Can anyone refer me to another escrow service I. South Florida?

[Brian Garrett]

Wholesaling in FL is only legal if you are licensed or you own the contract/property.

I'm sure @John Thedford will come chime in with more specifics and details for you.