i haven’t written the contract yet and if i put the building on the open retail market before tying it up the seller will balk. he can do the same and get the price i’ll get without me in the middle.
i checked the archives and found nothing on a double escrow. can somebody please answer my question for me here?
how can i tie up the property and close both my purchase and my sale of it at the same time without getting a loan for the full purchase price?
i am confident that i can get a 90 day close AND as i said, this is an extremely hot market and it should sell quickly.
i’ve found an under market property that i think i can have some financial success with by flipping it but i’m not exactly sure of the best way to do it.
i can get the property for around $50,000 under market here in the VERY hot bay area.
my plan would be to put the property under a contract with a 90 day close and then sell it.
my question is, is it possible for me to make a deal to sell the property for full market price before i close and do what i think is called a double escrow, having my purchase and my sale close at the same time?
i have the down to make the deal but i’d prefer to sell it without getting financing for the full purchase price. if there’s no way to do this, then i will buy the property and then put it on the market after i take title.
again, can i make some money with this without financing the full purchase price?
the market here in the bay area is nuts. i just had a duplex of mine that i priced high sell in under 2 weeks with multiple offers. the offer i accepted is $25,000 over the asking price. that’s $128,000 more than i paid for it just 2 years ago!
the building i’m looking at is a multiunit as well and i don’t think i’ll have any trouble selling it fast.
Re: advice on quick flip needed - Posted by JoeB(Atlanta)
Posted by JoeB(Atlanta) on March 18, 2000 at 21:54:48:
Hi Copie, this sounds like a typical flip deal (although you didn’t mention if the house needs any repairs, and if so, did you leave enough for rehab + profit – but I’ll assume you’ve figured all that out).
If you’re looking for a quick (close in 7 - 21 days) buyer, you’re probably looking for an investor (not an owner-occ) who WON’T pay full market value…but if you can get a 90-day contract, maybe you can find an owner-occ at full price like you said.
If you did an assignment (not a double close) to an investor, closing may go smoother than a double close to an owner-occ–but if you have your own cash as a backup you should be all set.
Search the archives for flip; and read How-To articles on flipping for more details.
This may not help you now, but the first step ive read over and over agiain on this board regarding flips, is to have the buyers lined up before you buy. Then again, we all have great arm chair advice, and 20/20 hindsight.
Im sure youll find better advice than mine as far as what to do now . .goodluck though. let us now how it turns out
finding a buyer first won’t work here. if i put the building on the open retail market before i tie it up, the seller will balk. he can get the price i’ll be asking without me in the middle.
i can get a 90 day close, that i’m certain of. i’m, also sure that the property will sell fast in this hot hot hot market.
i’ve checked the archives and could not find anything on double escrows.
can someone PLEASE let me know how i can tie this property up and the close on it and sell it at the same time without getting financing for the full purchase price? i want it in my name for only a few minutes.