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Author Topic: Can you double close on a shortsale?  (Read 4244 times)

Offline uscdave

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Can you double close on a shortsale?
« on: August 03, 2007, 01:22:22 am »
Do banks allow this?  How can I assign a property that has been shortsaled to a cash buying investor and still get an assignment fee?  I have not done this yet, do banks actually agree to this? 

uscdave  :help

Offline rgchamb

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Re: Can you double close on a shortsale?
« Reply #1 on: August 03, 2007, 09:04:41 am »
You double close, not assign the contracts.  It's one of the main exit strategies for a SS.

Offline janiecey

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Re: Can you double close on a shortsale?
« Reply #2 on: August 04, 2007, 08:34:41 pm »
every lender i have worked with will not allow double closing... how can i get around that?

Offline rgchamb

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Re: Can you double close on a shortsale?
« Reply #3 on: August 04, 2007, 10:49:13 pm »
every lender i have worked with will not allow double closing... how can i get around that?

Are you talking about the lender that has to approve the SS?  If so, where the money comes from to pay for the house is none of their business.

If you are talking about your buyer's lender, I recommend that you find lenders that will allow double closings.  Then if a buyer truly wants the house, you have options for them.

Offline psully156

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Re: Can you double close on a shortsale?
« Reply #4 on: August 05, 2007, 09:43:21 am »
I'm pretty sure you can tie the property up using a trust, and assign your beneficial interest of that trust to your buyer. I've heard of this being done as an easy way around wholesaling using bank properties. You may want to check further into the subject, but it might be the answer you're looking for.

-Patrick

Offline janiecey

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Re: Can you double close on a shortsale?
« Reply #5 on: August 06, 2007, 01:30:46 pm »
hmmm how do i find lenders that approve a double , the problem i keep running into is my buyer has less than perfect credit, no  or not alot of money, my understanding is with a paper it is no problem getting a double. LOL im not sure those people exist! and i had read somewhere have a hard money lender lined up for my buyer..... that doesnt seem like a great option for my buyer the intrest would be nuts... am i missing something? 
thanks for you help:)

Offline janiecey

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Re: Can you double close on a shortsale?
« Reply #6 on: August 06, 2007, 01:35:39 pm »
Patrick,
 
Where would i file the trust?  Is that something that i take to the title company of file it with the county clerks office? Also how would i get paid?









 




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