Posted by Dave T on February 15, 2002 at 14:44:20:
What is the difference between what you are trying to accomplish, and, buying one property and selling another property on the same day? Two separate closings in both cases.
What if the property you are buying on one day is the same property you want to sell on the next day? Two separate closings. Would the title companies have any problem with that?
What if you ask them to keep the file open from the first settlement, until you have completed the second settlement to keep the title insurance expenses down? What if you ask them to directly deed the property from your seller to your buyer so you don’t appear in the chain of title – avoiding title insurance? What if you asked them to conduct both settlements on the same day, to do the settlement to your buyer first, and to keep the file open until you have completed settlement with your seller? If they will do all this, you have orchestrated a double closing (i.e., a simultaneous closing).
Posted by Scot - SoCal on February 14, 2002 at 22:09:56:
I’ve posted this before but still can’t seem to get anywhere.
I just got my first flip signed on the buy and sell end. But I can’t seem to find anyone to close the deal. I need to do a double close, but everyone I call talk to me like I’m out of my mind! I’ve tried calling title companies, escrow companies but nothing.
I did talk to one escrow guy that knew about double closings, seemed real good. But then he tells me that I must disclose all to the other two parties (ie price I’m buying and selling at).
I don’t want to assign as there is a good deal of spread, more than I’d want the other parties to know about even though they are both real happy with their deals now.
I need to get things going on this tomorrow as I need to close by March 1 or so.
Please help?!
PS If I get this deal to close, I’ll see you all in ATL!
Posted by JoeKaiser on February 15, 2002 at 24:46:29:
Scot,
Here’s the problem. When you’re a little green, there’s no way you can adequately explain what it is you’re after because you don’t really know, and when you do try to explain, your inexperience makes everyone nervous. You’re doing “high wire” deals . . . there’s not a net in sight, and everyone has noticed it except you. You take a step sideways (hey, it happens), who’s gonna clean up the mess? Not them.
No wonder they don’t want to play along.
But, the solution is easy because there is someone who can explain what you need in the exact terms required to make it understandable: your attorney.
Sit down with your attorney, explain to her what you want and let her put it into the words title companies understand.
I suspect that if you’re in a state where attorneys close transactions, it’s even easier, no further explanations required.
Depending on the state where you live, either an attorney or title companies do closings. You must keep searching until you find one that will do it. There is nothing illegal about it! You do not have to disclose to either party what you are making on either end. Hope this helps.