In my last post I discussed exactly what a double closing(simultaneous closing) was and how…
Browsing: Simultaneous closing
There always seems to be a lot of confusion about double closings. They are especially…
This article is part 3 in a 5 part series, where I will be explaining the various methods available for closing REO wholesale deals, and getting around the “No Assignment” clause that most banks include in their addenda.
Today I will be focusing on doing double closings.
What is a Double Closing?
Just like a simultaneous closing, when doing a double closing, there will be two separate transactions taking place- the A-B transaction where you are buying the property from the bank, and the B-C transaction where you are selling the same property to your end buyer.
This article is part 2 in a 5 part series where I will explain the various methods available for closing REO wholesale deals and getting around the bank’s “No Assignment” clause.
Using the Quitclaim Deed Method to Wholesale Real Estate
Last week, I explained the mechanics of using a simultaneous closing, and this week I will discuss using the Quitclaim Deed Method to get your REO wholesale deals to the closing table.
When using the Quitclaim Deed Method, you will be adding your end buyer onto the purchase contract that you have with the bank, and then giving them a quit claim deed after closing in exchange for your wholesale fee.