Real Estate Double Closings

1. Real Estate Double Closings
One of the ways to make money in real estate is to move property as quickly as possible. Jumping from
one home to another often leads to a double closing situation.
Three Party Closings In Real Estate
Traditional home sales involve two parties, a buyer and seller. You may, however, run into a situation
where there are actually three parties involved. This can occur when you are dealing with a real estate
investor. The situation essentially involves a flip of the home by your investor. Here is a closer look.
Assume you list your home for a certain price and accept an offer from a real estate investor. The
investor is not really interested in owning your property. Instead, they are looking to make a profit as
quickly as possible. They are also looking to move it as soon as possible to free up cash so they can
invest in other properties. If they are particularly good at their job, they will often find another party to
buy the home from them while they are still in escrow with you! This is where we get the three party
closing.
The specifics of how three party closings occur are highly dependent upon the situation. Regardless of
how it is done, the third party purchasing the property from your buyer will often submit the funds for
payment of your contract. This essentially turns the investor into a middleman who is collecting a fee
and profit for doing practically nothing. That being said, you will actually do two separate escrows with
two completely separate sets of documents. As the seller, you will only have to deal with your
transaction.
There are definite downsides to three party closings. Obviously, the more parties involved, the more
chance there is something will go wrong. Three party closings can also make lenders nervous. That being
said, there is often a bigger problem.
As a seller, you want to get the top price for your home. In a three party closing, you are confronted
with the fact that you did not get the best price. Moreover, you agreed to such a low price that the
investor was able to flip the house immediately for a profit. This situation leads to serious seller’s
remorse. If you try to pull out of the deal, you can get into litigation and so on.
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2. As a seller, there is not much you can do about a three party closing. Just try not to get
too disillusioned about the situation.
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