Help Filps - Posted by Billy (Nash)

Posted by Dawn on January 17, 2000 at 18:04:00:

My real estate attorney is affiliated with a title company, so he supplys the title and handles the closings as an agent of the title company.

I’m in the Northwest Suburbs of Chicago. I asked my realtor that is into creative financing to refer me to a couple of attorneys that are also familiar with creative financing. I wouldn’t try this with an attorney that isn’t very experienced with these type of transactions. Ask other investors in your area for a referral.

Help Filps - Posted by Billy (Nash)

Posted by Billy (Nash) on January 16, 2000 at 14:14:17:

  • I put a home under contract for 123,900
    *I have found a buyer and have a contract with him for 143,600 it
    appraise for 145,000
    I’ve talk to a couple of brokers one said it could not be done the
    said he had not done this but would try. I will go meet this broker
    what do I need to tell him so I’m not wasting his and my time.
    As you can tell I not done this before , Thanks Billy

Re: Help Filps - Posted by Dawn

Posted by Dawn on January 17, 2000 at 12:36:14:

It CAN be done, however, it must be done carefully. I am a mortgage broker in Illinois. Lenders are especially weary of properties where the owner has owned it less than 12 months. In your case, it’s going to raise a lot of RED FLAGS and the value will be questioned. Usually, if you’ve owned it less than 12 mths, only the purchase price would be used to determine value. In general, lenders don’t like flips.

I’m not sure why you even need to involve a mortgage lender. The best/easiest flips only need a very good/creative real estate attorney. My attorney will have a virtual simultaneous closing. The buy transaction in one room, the sell transaction in another. He completes the sell before the buy. As long as everyone’s ducks are in a row, you walk out with a nice profit and you never had to deal with a lender.

Re: Help Filps - Posted by chris

Posted by chris on January 16, 2000 at 14:51:32:

Hi there. Post this one on Newsgroup I.

Re: Help Filps - Posted by DeiDei

Posted by DeiDei on January 17, 2000 at 16:04:53:


When doing Flips with simultaneous closings, should you close at the title company or with a real estate attorney. What fees do they charge and how do I go about finding good ones in my area ? I’m in Philadelphia.

Thanks in Advance!