So, my husband and I, along with our business partner were headed to a title company to close on our very first handful of properties. (For understanding, read Part I and Part II.) Those properties never made it to the foreclosure auction because we had signed contracts from the original owners. Not only that, my husband had already spoken to the Hot Springs Village Property Owners Association to find out what the delinquent dues were on each property and let the POA know our intentions to purchase the properties. The POA in turn took the properties off the foreclosure list.
Remember, we had already been to a foreclosure auction at the courthouse and knew there were many competitors. By purchasing the land before the auction, we were entirely cutting out the competition, plus the landowners were receiving money for their properties, we were paying off their POA dues and delinquent taxes, and keeping a foreclosure off their credit.
Once at the title company, our excitement increased as we learned about something called a "double closing" also known as a "simultaneous closing." In our first closing, we were buying the land from our partner's line of credit. Then, we planned to sell it to one of the many HSV vacant land buyers.
In a double closing, both transactions happen at once. In a double closing, we wouldn't have to spend a dime. IT ALL JUST GOT EVEN BETTER!
At this point we had a couple of different buyers.