I am dealing some short sale for back-to-back closing.
I got lender’s short sale approval letter.
The letter says that “There ar to be no transfers of property within 30 days of the closing of this transaction.”
I think that means we can not us back-to-back closing, right?
HOw can I solve this?
Please give me good advice.
Thank you.
Youre not a party to the lenders request… If you want to chat about this let me know… I do it all of the time…
Hey Michael, I’d like to chat about how you do this. I have one I’m sitting on now b/c of the 30 day language from ASC. I don’t like the risk of holding for 30 days, who knows what buyers will do these days at the last second.
There are some shady schemes to get around this clause like using 2 title companies, etc. But I haven’t seen a legit way around it yet.
That said, Old School Title has an upcoming confernece call where they say they can show us how to get around it. I will be listening.
As of now though, you have to search for 30 day financing, which is hard to find. I do it in the Chicago area only.
Eric
You can try negotiating the 30 days hold out, or just use 2 - 90 days transactional financing.