Posted by Mary on March 19, 2001 at 19:35:53:
I just did one of these deals two weeks ago. When your offer has been accepted, I assume you have the $10K to give to seller. You need to find a buyer and sell it to them for what you feel it’s worth and what they’ll pay. E.g., sales price is $45,000 less closing costs, etc. They will have to come up to the title company with the $45,000, you pocket the difference, which the title company will give you a check right there and there. It’s called a simultaneous clos. Good luck, Mary