Posted by Mark-NC on January 10, 2001 at 11:36:03:
In all reality it would seem like you need this money to close, but you don’t, here’s why;
When your end TB/er or buyer obtains financing the money is usually wired to the closing agents escrow account before you even get to close. If it’s not, you make other arrangements with the seller stating that funding will be later in the day or when ever it may be.
This way the money you need is supplied by your buyer. When the 2 closings are complete the closing agent writes all the checks from the money suplied by your buyers financing. What I mean by this is they use this same money to cover all items listed on both Hud Statements. What ever is left over between the two contracts or Hud Statements is your profit.
Hope this helps.