I’ve read many online short sale discussions and have just learned that a short sale deal can be assigned through a double closing or simultaneous closing. Could you please explain this process to me, take me through a scenario or example, or point me to information online that would help me with this? Thanks in advance for your help.
can a short sale deal be double/simultaneously closed? please explain
Scenario #1-Double ClosingYou get the short sale approved by the bank for $100k.
you find buyer willing to pay $150k. If this end buyer is using cash it’s no problem. Money will be sent to the closing company, you will then use the end buyer’s funds to purchase the property for $100k and hen title will transfer into your name. Then your end buyer will be purchasing the property from you for the balance.
This is a good way to close if you don’t want anyone to be the wiser. Your seller doesn’ know about your buyer and your buyer doesn’t know about yourn seller. But there’s additional closing cost (hence double closing)
Scenario #2-AssignmentSame situation once your end buyer agrees to $150k you hand him your purchase and sale with the seller for $100k and draw up an assignment for $50k. this is reat if you don’t care if your end buyer know show much your making on this deal.