What should I do on a dual closing?

United States
March 16, 2007 12:04am CST
I have a home that I am currently looking to purchase and sell on the same day. I have an agreement with the selling and I have a buyer. Im just not sure what the best way to proceed is without having to pay state excise taxes twice. Anyone have any advice?
1 person likes this
2 responses
@toolfan (305)
• United States
16 Mar 07
I read this book one time by a group call Conti and Finkle called "How to make money investing in Foreclosures. There was a website that you could go to in order to download all of the docs you need for free. Also, you could pay a membership to have a coach walk you through each deal. Hope this helps!!!
@mlhuff12 (797)
• United States
2 Nov 07
It has been 8 months since you posted, so you probably already bought it and sold it. But if you ever wanted to try it again I learned that there is an easier way to do this. I don't know all that facts on this so you'll probably want to ask a real estate lawyer or realtor about this. But anyhow, I believe it is called an assignment of contract. When you write up the contract and you would put the buyers name and/or assigns. Doing that will give you the right to sell the contract to anybody who wants to buy it. Usually, in order to make a profit, you would sell the contract for more than the price that you had agreed on with the seller. This way you never actually owned the property and never had any money in it. Yet you got a finders fee for finding the property...So if you are interested in learning more about that I would say go to a real estate lawyer.