I am about to close on a short sale property very soon, and the buyer will be using traditional financing. How do I format the fact that I would like to do a simultaneous close to the buyers mortgage broker? And, if they come back and say they will not allow a simultaneous close, what are my other options? The potential profit is $12K, afraid that using hard money lender will eat up all of my profit. I am located in NC. :help
Thank you in advance for any suggestions.
Are you working with an investor friendly title company? Is this a plain jane conventional lender? A good investor friendly title company that does this all the time should be able to help. Call them and make sure that they can take care of you. If not look for one that does these types of closings everyday to see if they cant do it! I am sure you know your last option will have to be using that title company and having some of that profit margin lost.
Ask the title company about dry closings. :beer
What do you mean by Dry closing?