{"id":5651,"date":"2017-08-04T01:00:00","date_gmt":"2017-08-04T05:00:00","guid":{"rendered":"http:\/\/camerondirect.com\/?p=5651"},"modified":"2020-07-30T21:13:34","modified_gmt":"2020-07-30T21:13:34","slug":"double-closings","status":"publish","type":"post","link":"https:\/\/realestatewealthnetwork.com\/blog\/double-closings\/","title":{"rendered":"Double Closings Explained and Why You Shouldn\u2019t Attend Them"},"content":{"rendered":"<p>Double closings \u2013 not to be confused with <em>assignments<\/em> \u2013 aren\u2019t as complex as they seem.<\/p>\n<p><span style=\"font-weight: 400;\">Simply put, a <strong>double closing<\/strong> in real estate investing is the simultaneous purchase and sale of a property that involves three parties:<\/span><\/p>\n<ul>\n<li>The seller<\/li>\n<li>The investor<\/li>\n<li>The end buyer<\/li>\n<\/ul>\n<p>It\u2019s essentially two transactions commonly referred to as the \u201cA to B &amp; B to C\u201d strategy and looks like this:<\/p>\n<ul>\n<li>Person \u201cA\u201d is the distressed\/motivated seller<\/li>\n<li>Person \u201cB\u201d <u>is you<\/u>, <span style=\"font-weight: 400;\">the real estate investor<\/span><\/li>\n<li>Person \u201cC\u201d is the <span style=\"font-weight: 400;\">final buyer.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">During the \u201cA-B\u201d first transaction, you purchase the property from the seller. And then right afterward \u2013 in the \u201cB-C\u201d second transaction, you sell the property to your cash buyer.<\/span> Need clarification on the wholesaling process? <a href=\"http:\/\/camerondirect.com\/how-to-sell-a-house-fast\/\" target=\"_blank\" rel=\"noopener noreferrer\">Read my recent blog on selling a house fast!<\/a><\/p>\n<p>So what do we know about double closings? Are they \u201cgood\u201d or are they a total pain in the backside?<\/p>\n<p>My answer? A little of both...<\/p>\n<p>The good news with double closings is that <strong>your financial privacy remains intact, at least initially, and that\u2019s what matters. <\/strong>Only <em>you<\/em> know how much profit you\u2019re generating from the deal.<\/p>\n<p>See, although your end buyer knows you\u2019re making a profit, sometimes they can get a little iffy or uncomfortable if they know it\u2019s a substantial profit. (Yes, I\u2019ve seen it happen.) Say, anything over $10,000. So, if you\u2019re going to be making that kind of profit, this method is great.<\/p>\n<p>But where there\u2019s a positive, there\u2019s almost always a negative\u2026<\/p>\n<p>The downside with double closings is that you have to work with two different sets of closing costs and sometimes two different closing agents.<\/p>\n<p>Is that reason enough to NOT do double closings?<\/p>\n<p><em>Absolutely not<\/em>.<\/p>\n<p>If the deal makes sense \u2013 even if you have to cough up two sets of closing costs to proceed \u2013 it\u2019s still worth it.<\/p>\n<p>Another potential stumbling block with double closings is that<strong> you have to have the money to buy the property<\/strong> and complete the first transaction BEFORE you can carry on with the second transaction.<\/p>\n<p>However, a few months ago I developed a program that gives investors the opportunity to use $1,000,000 of my money for their wholesale deals. Then, there are NO FEES for using the money making it easy and inexpensive to complete those A to B transactions! I know it may sound too good to be true but I assure you it\u2019s not.<\/p>\n<p>&gt;&gt;<a href=\"https:\/\/realestatewealthnetwork.com\/reitrifecta\/training\/\" target=\"_blank\" rel=\"noopener noreferrer\"> Click here to learn how to get access to $1,000,000 in No Fee Transactional Funding today!<\/a><\/p>\n<h3><strong>Tips about Titles<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">With double closings, you\u2019ll need an <strong>investor-friendly title company<\/strong> \u2013 one that\u2019s done business with real estate investors before and knows how we operate.<\/span><\/p>\n<p>And, these simultaneous transactions sometimes actually require inviting <em>two<\/em> title companies to the party.<\/p>\n<p>Why?<\/p>\n<figure class=\"wp-block-image size-large img-responsive\"><img src=\"https:\/\/dlbf54swf3l6o.cloudfront.net\/blog\/wp-content\/uploads\/2020\/07\/30211424\/shutterstock_168378512-1.jpg\" alt=\"\" class=\"wp-image-7444\"\/><\/figure>\n<p class=\"wp-block-paragraph\">\n<p class=\"wp-block-paragraph\">Because you may have a title company you know and trust, but the <em>bank<\/em> (seller) may insist on using another one. But again, don\u2019t let that stop you from moving forward with the deal if it\u2019s a good one.<\/p>\n<p class=\"wp-block-paragraph\">Working with one title company is obviously easier, so whenever possible, use a single title company. If you don\u2019t know any reputable and reliable investor friendly title companies, get a <strong>referral<\/strong> from fellow investors or from us. We\u2019ve worked with hundreds all over the USA.<\/p>\n<p class=\"wp-block-paragraph\">Since we\u2019re talking about title companies, I want to briefly mention the actual title of the property...<\/p>\n<p class=\"wp-block-paragraph\">It\u2019s in your best interest NOT to take the title in your own name because that helps you avoid unnecessary <strong>risk<\/strong>. Rather, make the offer in the name of your Corp. or LLC, and sign the contract as President or Secretary or Member. All of that helps protect you.<\/p>\n<h3 class=\"wp-block-heading\"><strong>Save the Stress: Don\u2019t Attend the Closing<\/strong><\/h3>\n<p class=\"wp-block-paragraph\">Listen to me now, friends...<\/p>\n<p class=\"wp-block-paragraph\">You do NOT need to attend closings.<\/p>\n<p class=\"wp-block-paragraph\">For starters, they are a snooze fest. Secondly, attending closings leaves the door wide open for you to say the <em>wrong<\/em> thing, or worse \u2013 say <em>too much<\/em>. Don\u2019t risk destroying your deal. Don\u2019t go.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><a href=\"https:\/\/realestatewealthnetwork.com\/reitrifecta\/training\/\"><img src=\"https:\/\/dlbf54swf3l6o.cloudfront.net\/blog\/wp-content\/uploads\/2016\/11\/douuble-closings-are-easy.png\" alt=\"\" class=\"wp-image-6042\"\/><\/a><\/figure>\n<\/div>\n<p class=\"wp-block-paragraph\">Let me explain\u2026<\/p>\n<p class=\"wp-block-paragraph\">See, way back when, I was about to close a deal that would put $360,000 in my pocket. (No, that\u2019s not a typo, and no, I didn\u2019t add an extra zero by accident.)<\/p>\n<p class=\"wp-block-paragraph\">Against my better judgment, I let my attorney talk me into going to the closing. Everyone came to the table, papers were everywhere, and all I could focus on was a file folder with my name on it because I know that inside that folder was my big, fat check.<\/p>\n<p class=\"wp-block-paragraph\">Long story short, the closing agent fumbled and stumbled and couldn\u2019t find the necessary documents to close for what seemed like an eternity. She almost called the meeting and rescheduled, when (sigh of relief) she found what she needed \u2013 thankfully, <em>before<\/em> I went into full-on panic mode and opened my mouth.<\/p>\n<p class=\"wp-block-paragraph\">But in the meantime, I seriously almost had a heart attack! It was so unnerving that I swore I\u2019d never go to another closing again\u2026 and I haven\u2019t!<\/p>\n<p class=\"wp-block-paragraph\">Closings can cause investors unnecessary stress and provide a terrible opportunity to say the wrong thing \u2013 so take my word for it and stay home.<\/p>\n<p class=\"wp-block-paragraph\">After all, that\u2019s why you have an experienced closing attorney and\/or title company to handle all of that for you \u2013 and for a good reason.<\/p>\n<h3 class=\"wp-block-heading\"><strong>Heads Up!<\/strong><\/h3>\n<p class=\"wp-block-paragraph\">A few important final notes\u2026<\/p>\n<p class=\"wp-block-paragraph\">Be aware that some title companies may say double closings can\u2019t be done. They\u2019re wrong.<\/p>\n<p class=\"wp-block-paragraph\">Double or simultaneous closings are absolutely <em>legal<\/em> and happen every day. So, you may have to walk some companies through the processes. However, as I mentioned before, my advice to save you time, hassle and stress - is to work with title companies that have experience with double closings.<\/p>\n<p class=\"wp-block-paragraph\">In my opinion, double closings are clean and simple, and their advantages far outweigh the fact that you may have to pay a bit more in closing costs. But that\u2019s a price well worth paying, considering that you don\u2019t need to sit through your closings and can quickly close a deal.<\/p>\n<p class=\"wp-block-paragraph\">Also, remember that every state has different laws (and they\u2019re constantly changing), so understand your state\u2019s requirements before you dive into a double close \u2013 or, better yet \u2013 let the experienced Closing Attorney or Closing Agent handle it to make sure everything is done above board and you\u2019re protected.<\/p>\n<p class=\"wp-block-paragraph\">One last thing on the transactional funding we provide for our clients\u2026 We\u2019ve funded more deals than you can imagine and REALLY know what we\u2019re doing. So, when we\u2019re involved, you literally have my team on your team and we help make your deals go as smoothly as a baby\u2019s bottom. There\u2019s no doubt that this kind of professional oversight is invaluable to our clients.<\/p>\n<h3 class=\"wp-block-heading\"><strong>Leave a Comment Below<\/strong><\/h3>\n<p class=\"wp-block-paragraph\">Let me hear about your experiences with double closings. Feel free to share a comment or tip below.<\/p>\n<p class=\"wp-block-paragraph\">Regards,<\/p>\n<p class=\"wp-block-paragraph\">Cameron Dunlap<\/p>","protected":false},"excerpt":{"rendered":"<p>Double closings \u2013 not to be confused with assignments \u2013 aren\u2019t 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\u2019s essentially two transactions commonly referred to as the \u201cA [&hellip;]<\/p>\n<div data-animation=\"no-animation\" data-icons-animation=\"no-animation\" data-overlay=\"\" data-change-size=\"\" data-button-size=\"1\" style=\"font-size:1em!important;display:none;\" class=\"supsystic-social-sharing supsystic-social-sharing-package-flat supsystic-social-sharing-content supsystic-social-sharing-content-align-left\" data-text=\"\"><a data-networks=\"[]\" class=\"social-sharing-button sharer-flat sharer-flat-1 counter-standard without-counter facebook\" target=\"_blank\" title=\"Facebook\" href=\"http:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Frealestatewealthnetwork.com%2Fblog%2Fdouble-closings%2F\" data-main-href=\"http:\/\/www.facebook.com\/sharer.php?u={url}\" data-nid=\"1\" data-name=\"\" data-pid=\"1\" data-post-id=\"5651\" data-url=\"https:\/\/realestatewealthnetwork.com\/blog\/wp-admin\/admin-ajax.php\" rel=\"noreferrer nofollow\" data-mailto=\"\"><i class=\"fa-ssbs fa-ssbs-fw fa-ssbs-facebook\"><\/i><div class=\"counter-wrap standard\"><span class=\"counter\">0<\/span><\/div><\/a><a data-networks=\"[]\" class=\"social-sharing-button sharer-flat sharer-flat-1 counter-standard without-counter twitter\" target=\"_blank\" title=\"Twitter\" href=\"https:\/\/twitter.com\/share?url=https%3A%2F%2Frealestatewealthnetwork.com%2Fblog%2Fdouble-closings%2F&text=Double+Closings+Explained+and+Why+You+Shouldn%E2%80%99t+Attend+Them\" data-main-href=\"https:\/\/twitter.com\/share?url={url}&text={title}\" data-nid=\"2\" data-name=\"\" data-pid=\"1\" data-post-id=\"5651\" data-url=\"https:\/\/realestatewealthnetwork.com\/blog\/wp-admin\/admin-ajax.php\" rel=\"noreferrer nofollow\" data-mailto=\"\"><i class=\"fa-ssbs fa-ssbs-fw fa-ssbs-twitter\"><\/i><div class=\"counter-wrap standard\"><span class=\"counter\">0<\/span><\/div><\/a><a data-networks=\"[]\" class=\"social-sharing-button sharer-flat sharer-flat-1 counter-standard without-counter linkedin\" target=\"_blank\" title=\"Linkedin\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&title=Double+Closings+Explained+and+Why+You+Shouldn%E2%80%99t+Attend+Them&url=https%3A%2F%2Frealestatewealthnetwork.com%2Fblog%2Fdouble-closings%2F\" data-main-href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&title={title}&url={url}\" data-nid=\"13\" data-name=\"\" data-pid=\"1\" data-post-id=\"5651\" data-url=\"https:\/\/realestatewealthnetwork.com\/blog\/wp-admin\/admin-ajax.php\" rel=\"noreferrer nofollow\" data-mailto=\"\"><i class=\"fa-ssbs fa-ssbs-fw fa-ssbs-linkedin\"><\/i><div class=\"counter-wrap standard\"><span class=\"counter\">0<\/span><\/div><\/a><\/div>","protected":false},"author":3,"featured_media":7436,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28,29,2],"tags":[25,241,242,189,243,244,30,31,245,246],"class_list":["post-5651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-evaluating-deals","category-finding-deals","category-flipping-houses","tag-attorney","tag-closing-costs","tag-distressed-seller","tag-double-close","tag-end-buyer","tag-investor-friendly-title-company","tag-motivated-seller","tag-privacy","tag-referral","tag-simultaneous"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.7 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Double Closings Explained and Why You Shouldn\u2019t Attend Them - Real Estate Wealth Network - Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/realestatewealthnetwork.com\/blog\/double-closings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Double Closings Explained and Why You Shouldn\u2019t Attend Them\" \/>\n<meta property=\"og:description\" content=\"Double closings \u2013 not to be confused with assignments \u2013 aren\u2019t as complex as they seem. 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