Can I close with the end buyer first before I close with the original seller?? So that way I can use his money to purchase the sellers property?? And if I close with the end buyer first would he need the keys right away?
Like Nicholas said, you can do a double closing, which allows you to use buyer's funds. Some title companies do it, some don't, I'd just vet the title companies you're thinking of using
@Chris Montalvo You can't sell a property you don't own. You can try to find a title company that will do a double closing but I don't know of any in my area and I won't do them. Check with some of the smaller title companies that might be willing to take on the risk. Also be sure that you've disclosed your relationship to all parties.
you can close on the property with your buyer funds, however your buyers attorney/title company needs to approve that,
So if your saying I can’t do that how does the “no money down” thing come about? so that would mean I’d have to use my own money to close with the seller first?? Then get the reimbursement from the end buyer? Or how would I go about it with out using my own money outside of a double close how do people normally do it with the end buyers money?
Chris, the "no money down" thing works like this: You get Transactional Funding to close the AB transaction. This will fund 100% of all closing costs, including the purchase price, title fees, HOA, sewer, water, past due taxes, etc etc. You arrange to have the second BC closing immediately after the first AB closing. BOTH MUST CLOSE THE SAME DAY AT THE SAME TITLE COMPANY.
At the BC closing, you will pay back the Transactional Funding amount used to purchase and close on AB (plus fees). Whatever is left over after the BC closing costs will be your profit.
Let me know if you need a referral for a title company in New Jersey that will handle this type of transaction.