Transactional funding or Hard Money for a double close

[Tyrelle Johnson]

During a wholesale deal with a double closing would you have to use Transactional funding or Hard Money to closes the deal on the sellers side.

[Jon Holdman]

Have to? No. If the title company will use the money from the BC transaction to close the AB transaction, you won't need a transactional lender. This used to be done all the time. But most title companies won't do this any more. So you will need some source of money to close the AB transaction.

Also, you're going to hear terms like "double close", "simultaneous close", "wet close", "dry close", etc. Don't assume that anyone knows what any of these terms specifically mean. These are not well defined terms. If you call a title company and ask if they do simultaneous closes and they say "yes" or "no", you now have ZERO information. You must always describe what you want to do and be sure they say "yes" or "no" to that rather than just some catch phrase. Otherwise you risk a deal falling apart when some later says "oh, I though you meant such-and-such".