1) do I make the motivated seller the affidavit or do I do it for him ? Are you referring to the contract or the memorandum of agreement. Either or you will have everything completed except for the information you do not know such as: purchase price (unless thats been negotiated already), closing date, seller address, and signatures. Its best to have as much done as possible to make it easy for the seller.
2) What do I do if cash buyers wanna inspect the motivated seller’s house ? You meet the buyer there and let him walk through the property. Its best to have this conversation with your seller prior. Let the seller know you will have a partner (s) view the house as well.
3) If attending the double closing not necessary then how am I suppose to pay one set of closing fees? This is deducted from your proceeds
4) No matter if it’s traditional or double closings do I turn in my purchase & sale agreement to the title company? Yes unless its an attorney state, if thats the case you will turn them over to your attorney
If so, what about the one I have wit the end buyer ? All documents will go to the attorney or title
5) Is double closing or just wholesale in general illegal in Texas ? The only state right now where its illegal to wholesale without a license is Illinois (that I'm aware of, and Illinios just enacted this law)
6) If double closing takes days or weeks what do I do if cash buyer or motivated gets anxious? It all depends on your contract with the seller. If the sellers contract with you is in 2 weeks you will have the same closing for the buyer. Its always good to have on your agreements "on or before" the closing date. This way if title/attorney is ready and willing to close early and your seller and buyer is as well then you can close early. As long as you make the buyer put down a nonrefundable earnest money deposit they can get anxious all they want, you have them locked in.
7) Do I outright tell the end buyer I wanna double close ? No you just schedule your closing
8) Is it necessary for me to b there in person of a traditional closing? No, but if you have a shaky seller its good to be there to ease any concerns. Try and see the deal all the way through, but its not necessary.
9) If the end buyer typically picks out the title company, No you control the deal, you pick out the title company.
How will I know if the company is double closing friendly? Control your deal you will have escrow open already
10) If I do a traditional closing r motivated seller & cash buyer in the same room ? Normally no, the sellers closing is usually earlier.
11) If I do a traditional closing, will motivated seller b infuriated that I’m selling & will the cash buyer b infuriated I’m the middle man ? No the seller just want his/her money that was agreed upon, and normally the buyer is savvy so they know the process
12) Is it necessary the end buyer knows there is a double closing taking place in 2 separate rooms? No
13) Is there a way I can keep him out the mix of things at least for the time being? If you're double closing the transactions are separate so he/she will not be privy to that info
14) So let me get this right,
A+B/B+C,
C picks out the title company however
I, as B, walk in title company ask for a double close, then call up A, then A comes over, me & A, sign, no money exchanged yet, then me & C signs, then C pays me to pay A ? You pick out the title company and inform title it will be a double close and they will handle it from there as long as they have both contracts. A to B contract and the B to C contract
