trans funding, title company, and end buyer is all in place! now how do i set up the actual same day close?
who decides on the date?
Hi,
You want to basically do a standard 45 day (plus / minus) closing! The precurser is how long the end buyers mortgage broker feels it will take to get everything submitted and through underwriting to fund and close!
Ask the end buyer for the phone number to there mortgage broker and ask him / her if a standard 45 day closing will work for them to fund and close? Also ask what will be required to submit to the buyers lender to insure it closes on time! This probable includes an appraisal (Paid for by the buyer), a termite or pest control inspection (could be required), a home inspection (Paid for by the buyer), and supplying a preliminary title report, title insurance commitment and a HUD 1.
Make sure as the seller since there is no realtor involved that you coordinate and manage making sure your buyers mortgage broker / lender gets everything they require to fund and close on time!
Also make sure you supply the transactional funder all the documents they require to fund!
Your closing to you will occur on say a wednesday and your closing to your end buyer will occur the next morning on Thursday so that documents have a different date 9th to you and 10th to end buyer! You will not close same day as you want to insure that the closing is dated on seperate days!
GR
You decide the date. What you do, is you setup a day and the times with all parties ~ The seller to sign papers at 9 or 10am. Then you want Transaction to do their thing after that, then you want the end buyer to come in at 9 or 10am the next day (a few hours later) to sign their papers, and you will be good to go.
Although if it’s a convention or a mortgage loan, I agree with Gold River. 
THX you guys! so it’s going to be a double close, not a “same-day” close.
if the title company wont allow that, then i’ll do a courtesy close right?
Hi,
Your basically doing two individual closings, one from your seller to you with title insurance, a hud 1, etc. then you are selling over to your end buyer the following morning with title insurance, a hud 1, and all the bells and whistles!
You are doing two completely individual closings (two escrows), your purchase and the sale to your buyer! You should get a big investor discount with the title company!
Your transactional funding company will want all the documents signed for all the transactions (All Parties) and in the hands of the escrow officer and the funds already recieved for title for the sale from you to the end buyer before they will fund for your short term purchase and sale!
GR
THX again G.R. so much knowledge shared freely here!