Posted by Jamie, CA on December 19, 2005 at 12:00:56:
Thanks Kristine, I will do more research. Jamie
Collapse Closing - Posted by Jamie, CA
Posted by Jamie, CA on December 19, 2005 at 10:00:35:
Hello everyone,
I was wondering if anyone could explain how a collapse closing in escrow works. I am new to wholesaleing RE. I heard that this is one of the ways to close a deal where you have a motivated seller that you have a binding contract of purchase with. Then you sell your contract to an end buyer. But you do this transaction through a collapse closing. How does the deal at the escrow office go down? Thanks everyone for your help.
Jamie
Re: Collapse Closing - Posted by Kristine-CA
Posted by Kristine-CA on December 19, 2005 at 10:19:36:
My understanding of a collapsed closing is that it is another way of
saying double close or simultaneous close. In these deals you have a
contract to buy and one to sell. Your escrow agent uses the money
from your end buyer to fund your purchase, and you get the difference
between your purchase price and sell price at closing.
You can read all about doing deals this way in the archives on the
board. Try searching on: wholesaling, flips, flipping, double
closing(s), simulataneous closing(s).
Happy reading, Kristine