Double closing

[KYTiger 0]

Granted, I am new to creative real estate. I had 2 promising calls until I talked about double closing. They treated it like it was a scam. I tried to put it in laymans terms to no avail. How do you guys and gals introduce the double closing idea? How do you put it in layman's terms for the "traditional" sellers?

 

Thanks

David

[Jason (AL) 1]

There's no reason and no point to explain or even mention the words, "double closing" to

a seller. Just let them know you're there to purchase their house...structure a deal...etc. etc.

 

How do you guys and gals introduce the double closing idea? How do you put it in layman's terms for the "traditional" sellers?

I've always liked Jonathan Rexford's explanation, which goes something like this:

"Mr./Mrs. Seller, I will close with you whenever I close with my buyer."

Not word for word, but you get the idea.

No need to get technical.

 

Leave the technical terms for the real estate forums.

They can also be used to explain your recent conquests, while sipping

on your favorite beverage. But never use them in conversations

with a seller.

 

Remember, a double closing is an event, not a solution to be explained

to a seller.

[MichaelC 160]

What Jason said, David. A common n00b mistake is to talk too much. Keep it straightforward and simple. The topic of a double closing should never be raised by you. Talk less, listen more, and keep the conversation on the advantages for the homeowner of what you are offering.

[Mr Investor 0]

Are you double closing on an REO or a FSBO?

[Jonathan RexfordFL 8]

During your presentation you should make it a source of common business practices that this is what you do. When I say I will close the same time that I will with my buyer. If they have a mortgage, I will say that I will pay off your mortgage at the closing. If its a property that I am taking subject to, it is I will take over your payments at the same time my buyer closes with me for the transaction (if that is the deal).

 

The phrase of closing at the same time has saved me countless hours of HEAD TALK. Too much talking will kill the deal. When selling your idea and letting them close you on the transaction it is a good feeling.

[<Steve> 82]

I say to the seller: "Anytime during the lease term or at the end, when the t/b is ready to purchase your house we close with an attorney (or title co.), like you typically do, and that is when your house is sold and the deed transfers over."

 

That is all I ever say, and when the day comes to close, at that time I will decide what will work best for the deal; double close, release or assign.

[KYTiger 0]

Are you double closing on an REO or a FSBO?

I was attempting to double close on a FSBO. Thanks for all the advice.

David