Updated almost 8 years ago on . Most recent reply
Wholesale closing transactions
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?
Most Popular Reply
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.