I am new to this game and evidently need help.
I am wanting to quick turn a couple of deals to rehabbers without putting up any large amount of money. I am meeting resistance locally about simultaneous closings with no significant money from me at the closing table. The gurus say it can be done. How do I get around this resistance, or am I just misunderstanding the process?
I have thought about using options, but have been advised against it. What are the pros and cons, and when would I want to use them and when not?
Please reply to the message board so all can benefit from your answer.
Thanks,
Roger in Georgia
The problem is not just locally yes double closing/Simultaneous closings can be done it is really getting tricky! Most of the problem is Banks that require title seasoning and or throw up a big red flag when you are getting title work done and not buying it from the current owner! They can be done though the thing you really need to find is a title company that has done them and understands them! Also you need to know your bank programs and who does not require title seasoning!If I was to type all about them it would be a long answer so lets get to the main point here!
How much are you looking to pull out?
Why don’t you just sell the contract for the same price and stay out of the mix?
Hope this helps have a great night!
Thanks reoconsultants for your quick repsonse.
I am looking at getting $5,000-$10,000 per deal, maybe more on a big deal. Is that a reasonable and customary price if I can get a contract in hand?
How do I “sell the contract”? I am told that if I put “or assigns” into the contract it will scare off the seller.
How do I “sell the contract”? I am told that if I put “or assigns” into the contract it will scare off the seller.
Very true let me ask you this do you think anyone cares if you call them and say everything is the same except the buyers name?
Am I understanding you correctly to say to just write up the purchase contract with myself as the buyer, but at the closing have my rehabber/buyer’s name on the closing documents?
If so, do I do some kind of ‘assignment of contract’ or ‘sale of contract’ document to make it legal and get my payment documented?
No call them as soon as you find another buyer and tell them everything is the same except the buyers name! so if you find a buyer a day after you lock it up just do a new contract with new buyers name on it!