Posted by Robert SC on January 23, 2001 at 23:16:27:
Once it’s under contract you must have a title check done immediately by your closing agent, to head off any problems before closing…you need to have a clear title. Lender will check to see if you have clear title.
#1 is correct
#2 is correct(as seller)
#3 your buyer should submit contract to lender
#4 is correct
You will get the difference of closing cost (you should get seller to pay all…and pay as little as possible with buyer)and the $60k you paid for the house and the $75k that your buyer brings to closing. If it’s no money down, who cares, as long as buyer brings $75k check to closing. You should not have to confront the lender. Be sure that you instruct your closing agent that he needs to schedule the closings at least 2hrs prior to each other. Call the buyer with the time and have him or her call your agent to get the exact amount needed to close. Close with seller first and instruct him or her that monies will be paid later that day(do this prior to close). Close with buyer, give him or her the key, checks will be cut, give seller his or her share and you grab your $14k or so and spend it wisely. I hope that this helped you in some way…Just stay in control of your deal, and it shall work out fine…oh yea…your earnest money deposit is all that is at risk…