Double closings – not to be confused with assignments – aren’t as complex as they seem.
Simply put, a double closing in real estate investing is the simultaneous purchase and sale of a property that involves three parties:
- The seller
- The investor
- The end buyer
It’s essentially two transactions commonly referred to as the “A to B & B to C” strategy and looks like this:
- Person “A” is the distressed/motivated seller
- Person “B” is you, the real estate investor
- Person “C” is the final buyer.
Bank deals are different than private seller deals. Banks scrutinize your offer much more closely… but there is good news!
THERE ARE A TON OF REO DEALS AVAILABLE IN TODAY’S MARKET FOR YOU TO MAKE REAL ESTATE OFFERS ON!
Banks (specifically “REO” departments) do a lot of deals. They are in the trenches every day and get “blown off” all the time. Because of this they are systematic in their approach… Their “BS meters” are finely tuned… You are not going to get away with anything. You MUST do a double closing because they forbid contract assignments, whereas in a