If I have a contract with a motivated seller and want to do a double closing with a buyer (who must get financing from a bank) How can I create a contract with the final buyer for a property that I myself only have a contract and no ownership?
Will my potential buyers bank provide financing and go to close based on a contract with me who has no ownership (just a contract)??
Pls advise.
I have a lender that can fund my puchase only if my end buyer closes same day. If I am approved for a short sale and have end buyer who needs to get financing, will the fact that I only have a contract before the day of closing by all parties be enough for my retail buyers bank to begin the lending process and clear buyer to close.
basically they are dealing with me who only has a contract up to the day of closing. will the buyers lender be Ok with that??
I would speak to the end buyer’s loan officer and be upfront about the situation. Ask the loan officer if they will have any seasoning issues. They can usually ask their underwriter and have a response for you in a few days. It’s best to know upfront. The best scenerio would be if the end buyer was using hard money or cash. Hope this helps.
Thanks for the quick reply.
I Just ran into the same problem. I figured it out to late. But always call the buyers mortgage company and ask to speak to an underwriter and ask them what there seasoning issues are. You might have to set up your purchase as a trust. I have to get my fee outside of closing. Banks wont allow assignment any more on shortsales.