Is anyone aware, of banks no longer doing back to back closings in New Jersey?
No I don’t know. Do you know? :bs
I’ve heard of this. To get around it you need a private lender to loan you the money for one day and you should be fine. As long as you close in your entity that your purchase and sale agreement is in and you fund the deal you can do whatever you want after that. You should have no problem on the other end if your new buyer is a cash buyer. If your buyer is going to the bank you may or may not have a problem. Some banks don’t care and others do. Some banks have seasoning issues where they want you to own the house for 90 days especially FHA loans. Your worse case scenario is if your new buyers bank has a problem, you can always put the people in the house on a lease option until they qualify for a new loan and satisfy all the bank’s requirements. Good luck.
You can still do back to back closings in NJ you just have to fund the transaction. I do them every month. I live in the Newark area
double closing work best if your buyer is a cash or hard money buyer. Use private funds or a double closing source for your part of the deal. Just be prepared to payout a percentage of the amount borrowed for the deal as well as an admin fee for setting up the wire into the closing attorney’s account