How much more is simultaneous close vs. assignment? - Posted by Mark - MD

Real Estate Investing
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Posted by Mark-NC on January 29, 2000 at 08:40:25:

Mark,
Yes, it is going to vary from state to state and to the particular lender that is used.

I do a lot of note flips and my average cost on a dual closing including the apprasial is $1,200. to $1,500. They tend to be almost double that on the mortgage side.

Mark

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How much more is simultaneous close vs. assignment? - Posted by Mark - MD

Posted by Mark - MD on January 29, 2000 at 08:24:05:

A few people have referenced the fact that simultaneous closes are a bit more expensive than contract assignments. Assuming extra cost is for two settlments instead of one.

What is the approximate extra out of pocket costs? I know it may vary by state, just looking for a ballpark.

Thanks, Mark Williams

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Thank You all for your responses! (nt) - Posted by Mark - MD

Posted by Mark - MD on January 30, 2000 at 14:21:40:

.

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Re: How much more is simultaneous close vs. assignment? - Posted by SCook85

Posted by SCook85 on January 29, 2000 at 19:10:34:

Mark,
Unfortunately you are dealing in Maryland with the highest transfer taxes in the country. Simultaneous closings can be costly especially when you are helping your buyer with closing costs. If you make sure the title company does not bill you twice for title searches, title policies, etc… you should be able to get most deals done for between 2-3k, I’ve had one as high as 8k when I paid the buyers closing costs on a 70k home. Hope this helps.

Steve

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Re: How much more is simultaneous close vs. assignment? - Posted by Taru_md

Posted by Taru_md on January 29, 2000 at 14:37:48:

I just did a simultaneouse closing in DC. The trasfer tax in DC is 2.2% which is usually split between the buyer and seller.
I paid 1.1% on the buy and I paid 1.1% on the sell.
It cost me close to $1500.00. If I would have done a simple assignment on this deal, I wouldn’t have to pay any closing costs.
Tarun

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Re: How much more is simultaneous close vs. assignment? - Posted by Lorna…FT. Worth, TX

Posted by Lorna…FT. Worth, TX on January 29, 2000 at 12:38:48:

Dear Mark,

Here’s my 2cents. Whenever I do an assignment I don’t get involved in the cost of closing. The person you assign the contract to usually pays whatever closing costs is written in the contract.

Lorna/