In at 88k, out at 103.5k, netted 9,430. Wire landed at 3:40.
Nothing clever about this one, it just closed, so here's how it actually went.
Seller was an estate, three heirs, wanted done. Contract at 88k. Cash buyer I've sold to twice before at 103.5k, he never asks what I paid and I've never told him. That's mostly why I double closed instead of assigning, he's fine with a spread existing, he doesn't want the number in front of him on an assignment.
Costs, all in:
- transactional funding, 2,650 for the day, flat fee, wired in and out same afternoon
- my closing costs as buyer on leg one, about 1,180
- my costs as seller on leg two, about 1,540
- transfer tax hit on both legs, roughly 700 combined in my state, that's a two-closings-two-taxes situation and it varies by state so check yours
15,500 gross spread, 9,430 to me.
The part that nearly broke it: my buyer's wire didn't hit until 3:40 in the afternoon. The closer had already funded my purchase from the transactional money and was sitting there with my name on the deed and a payoff due back to the funder that day. If that wire had gone in the next morning I'd have owed the funder a second day and possibly a late fee, and I never asked for the extension pricing before I started. Won't do that again.
What I keep: same closer on both legs so one person controls the sequence, funder pre-approved with that closer before I sign the purchase contract, and a buyer who's already closed with me. The first-time-buyer version of this is a completely different risk.