Does anyone have experience with double closings ? I have a short sale property in Albany New York that was just put under contract for 155k with a realtor, the payoff to the bank is 117k. I’m splitting the 3% commission w/ my realtor and I’m leaving 25k on the table. My thoughts are to do a double closing but I’m unsure how to get around the seasoning part, especially with a FHA purchaser. Is seasoning an issue with double closings? How do double closings work? how do i protect my self in the event the new buyer never shows up etc
Thanks
One of the ways to avoid seasoning is by using a land trust and that is a whole different set of paperwork and requirements. There is always a chance the buyer doesn’t perform so ideally you have another option if it comes to that.
Can you explain how I would use the land trust in my current situation?
I have a short sale property under contract for 117k, the new buyer is looking to offer 155k and the property is worth 165k.
Thanks
just do a net listing. otherwise as a realtor, you will have to explain your position and profit.