Folks,
When attempting to do a double close I would need financing in place in case the buyer doesn’t come thur correct? I have an REO with an accepted offer and marketing the home to rehab folks and retail buyers. If I get it sold and close on the same day as I’m suppose to my guess here is that I have to close on the home with my financing then close on it with my end buyer, correct? I guess paying closing costs, fees, etc. on my end for 10 minutes of having a loan is just part of doing business? Is that how you guys and gals see this?
Nate-WI
Nate,
Make sure that the company that is financing your borrower will not haver a problem with you not being the owner of record. It can throw up a red flag if the person not listed on the title is listed on the contract.
So if I do find and end buyer…(hopefully they have cash) then talk with their lender or mortgage broker directly and tell them what is going on?
Nate-WI
A cash buyer would be the best. You are correct. Let the end buyers lendr know that you will be doing a double closing. That will save you a lot of time because if their lender has seasoning guidelines you will know immediately instead of a week or two into it when the title is received. Hope this helps. Good Luck.
It does help as I have not attempted one of these yet. Thank you for the time,
Nate-WI