Grow your real estate investing business with the most competitive and transparent private lender for bridge loans (hard money, fix & flip, rehab, ground up construction), DSCR rental loans.

Private Lender for DSCR Loans and Fix & Flip Loans | OfferMarket

Private Lender for DSCR Loans and Fix & Flip Loans

Has completed at least 200 hours of appraisal education and accumulated 1,500 hours of experience. Bachelor's degree, Associated Degree with minimum of 30 credits or CLEP is required.

 

## Related terms
- [Certified General Appraiser](https://www.offermarket.us/real-estate-glossary/certified-general-appraiser)
- [Licensed Residential Appraiser](https://www.offermarket.us/real-estate-glossary/licensed-residential-appraiser)
- [Trainee Appraiser](https://www.offermarket.us/real-estate-glossary/trainee-appraiser)

A Certified Residential Appraiser has completed at least 200 hours of appraisal education and accumulated 1,500 hours of experience. Bachelor's degree, Associates Degree with minimum of 30 credits or CLEP is required.

Certified Residential Appraiser - Real Estate Glossary - OfferMarket

What is a Certified Residential Appraiser in real estate?

## What is a double closing?

 

A double closing is when a buyer purchases a property from a seller and then immediately sells the property to another buyer, capturing the difference as profit.

 

In a double close, there are two (2) separate transactions that happen in a very short period of time, in many cases on the same day.

 

- Transaction 1: Seller sells to Buyer (Wholesaler)
- Transaction 2: Wholesaler sells to Buyer (End Buyer)

 

## What is an example of a double closing?

 

For example, let's say Jane (Seller) accepts an offer to sell 123 Main St to Tom (Wholesaler) for $100,000. Tom, in many cases using "transactional funding", purchases the property for $100,000. On the same day, Tom sells 123 Main St to Mike (End Buyer) a local flipper, for $120,000. Tom's gross profit is $20,000 and his profit net of fees is $10,000.

 

## What is the difference between a double close and assignment of contract?

 

In an [assignment of contract](https://www.offermarket.us/real-estate-glossary/assignment-of-contract) wholesale transaction, the wholesaler ("Assignor") is technically selling the contract to another person or entity ("Assignee") who takes over responsibility to close the transaction with the seller.

 

An assignment agreement is used to memorialize the fact that the Assignee is taking over the role of buyer and paying an assignment fee to the Assignor. The assignment fee is commonly paid to the Assignor at closing, and included on the [HUD-1 settlement statement](https://www.offermarket.us/real-estate-glossary/hud-1).

 

In this type of wholesale transaction, there is only one transaction and the seller may not be aware that the original buyer (Wholesaler) is assigning the contract for a fee. [Contract Of Sale](https://www.offermarket.us/real-estate-glossary/contract-of-sale) (otherwise known as "Purchase And Sale Agreement" or "Purchase Contract") are assignable by default and sellers who wish to avoid assignment are required to stipulate this in the contract.

A double closing is when a buyer purchases a property from a seller and then immediately sells the property to another buyer, capturing the difference as profit.

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Double Closing | OfferMarket Real Estate Glossary

Double Closing

A mortgage loan originator or MLO is a licensed person or company who facilitates the mortgage process from application through closing. MLOs are licensed by state and national authorities, and are given an [NMLS](https://offermarket.us/real-estate-glossary/nmls) number. Mortgage brokers and loan officers are considered MLOs.

A mortgage loan originator or MLO is a licensed person or company who facilitates the mortgage process from application through closing.