Foreclosure in Phoenix>Question Details

Homebuyer13, Home Buyer in Phoenix, AZ

Are double closings allowed?

Asked by Homebuyer13, Phoenix, AZ Sun May 11, 2008

Some states have tried to eliminate double closings, are they allowed in Arizona? Can you recommend a good title office?

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6
Short sale / double closings are entirely legal. What is not legal about them is fraud. If you are frauding up an appraisal or creating a strawbuyer, go straight to jail as far as I am concerned. I have a company that will provide you with "wet funds" so you can take full title to the property and then sell it legally to an end buyer. If moderator will let me post link I will post it. As a note, stop using land trusts, they are creating an extra title transfer and are spelling doom for all of our clients. Use a purchase option contract and then record a memorandum of option with the courthouse to create a cloud on title that you will have to clear before anyone else can buy property.. Here to help. Moderator my email is Ty@rmbloans.com if I can post an informational link. It has conference calls from gurus on several programs for short sales ect. for free. Go get em'.
0 votes Thank Flag Link Tue Jul 8, 2008
Double closings are legal but they are becoming increasing more difficult to close. Both lenders and Title Agents get very scared when you have a wholesale situation (seasoning issues). There are far better ways to get the same result with not seasoning issues and no reliance on title professionals as well.

email me.
0 votes Thank Flag Link Mon May 12, 2008
Scott,
Can you please also share the better ways to do a double closing. I am new to real estate and located in Bethesda. jjee7@hotmail.com

Thank you
Flag Tue Aug 6, 2013
. There are far better ways to get the same result with not seasoning issues.......pls share what better ways to do a double closing. Thanks, Les e mail onehera8443@yahoo.com
Flag Sat Oct 20, 2012
Yes, double closings are legal. However, many title companies refuse to perform them. To find a title company that does, contact a local real estate investor's club. Here's a link to the ones in Arizona: http://www.creonline.com/real-estate-clubs/az.html

I'm not a lawyer, so this isn't legal advice. Check with a lawyer. But: There are also various alternatives to a double closing that will serve the same purpose. You can set up an LLC and move your property into the LLC. Then you simply sell the LLC to someone. The LLC remains the owner of the property; it's the ownership of the LLC, and not the property, that changes. You can use a land trust for the same outcome. Buy a property. Create a land trust. Transfer the property to the land trust. Then sell the land trust.

Hope that helps.
0 votes Thank Flag Link Mon May 12, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
In California at least, it is a red flag and most escrow companies won't participate....which should tell you a lot unto itself.

A lot of late night infomercials and RE training courses are preaching this philosophy but quite frankly there are a lot easier ways to make money in RE.
0 votes Thank Flag Link Sun May 11, 2008
Hi Homebuyer:

I am not from AZ, so I won't be able to advise you on the double closing.

However the double closing I heard is the ones where a buyer purchases a home at a discounted price and turns right around and sells it for a profit to a second buyer.

Both escrows are closed within a day of each other or on the same day.

The one time I heard of somebody actually wanted to do a double escrow (that's when I first heard of this) is when the transaction was a scam. The principal in this case was also in litigation with a title company.

There are a lot of people out there taking advantage of distressed sellers and unsuspected buyers. Be very careful of what you do – when it is too good to be true, be alert, it might not be something you want to do.

Best,
Sylvia
0 votes Thank Flag Link Sun May 11, 2008
Sylvia Barry,…, Real Estate Pro in Novato, CA
MVP'08
Contact
If you are referring to selling equitable title or assigning contracts for a profit. Yes it is legal. Get an attorney though because it can be tricky.
Web Reference: http://theprescottmls.com
0 votes Thank Flag Link Sun May 11, 2008
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