New preforeclosure deal, simultaneous closing? - Posted by Jon

Posted by CD on May 04, 2006 at 10:00:52:

Two options:

  1. Shop around for a title company that will allow a simoultaneous/double closing. More and more title companies are frowning on double closings, because they question the legality of it. This way, you can buy and sale the property at the same time, without bringing any money to the table. You receive a check for the difference. The title company I use, used to allow me to do this, but then decided not to (after about 5 deals).

  2. Provided the contract with the owner is assignable, assign the contract to the new buyer. Basically, have your attorney draw up an assignement form, which will say the new buyer pays you $50,000, and will take your place in the contract. Typically, the assignment fee is paid at closing through the title company.

Best of luck.

New preforeclosure deal, simultaneous closing? - Posted by Jon

Posted by Jon on May 03, 2006 at 10:58:41:

This is currently an active deal. Please help. I also posted on main board because I wasn’t sure what category this falls under so my apologies in advance.

Here is the scenario, and this is my first deal ever.
I found a pre-foreclosure deal. The homeowner just wants out, and keep credit intact, and get some money for moving expenses, food and clothes.

Agreement of sale between him and myself is already signed for $150K. Comps for other homes are around 230-240 fixed up. This house does need some fixing and updating but still solid. Mostly it’s just dirty. Cleaning hasn’t been done for decades.
The 150 is total for the first and the second mortgage.

I was planning on just cleaning it and wholesaling this property to another investor. I just bought a new primary residence literally weeks ago, I have no significant cash, and my credit wasn?t that great either when I bought my home.
As crazy luck would have it, as I was cleaning the home to get it ready to start showing it to other investors, I was approached by a neighbor that wants to buy the home for their kids. She offered to buy it from me for 200K provided I finish cleaning and painting the living room.

Awesome I thought, my first really great deal.

But here is where I?m really confused. How do I pull this transaction off???

I know there is a simultaneous close involved somehow, someway, but really don?t know what steps to follow.

Just to reiterate, I?m in no position to get financing right now, so I can?t have title in my name. I tried hard money but can only get 65 LTV.
It would be great to close the first get all the liens paid off stop the foreclosure, and sell to new buyers and walk away with a check.

Any seasoned pre-foreclosure investors that have done this already and are out there?

Any advice? Thanks in advance.

Re: New preforeclosure deal, simultaneous closing? - Posted by carlos anaya

Posted by carlos anaya on June 01, 2006 at 24:29:24:

hi, im carlos a real estate creative investor and trust deed note expert in simultaneous deals. what you can do is a double closing on this property the same day. i know note trust deed investors that can give you quick cash for your property. but in the mean time sale your property to the neighbor with an assume transfer lease mortgage deal option to buy your home. this is just to creat a note to later find an investor to buy yor note for quick cash. the deal is to create a note with your neighbor that way you are free and clear of the pre foreclosure, than she has a note on your property. when the deal is done at that same day of the closing you can find a trust deed note expert like me to match you with an investor to give you quick cash for your property trust deed note. than that same day you are free and clear from your property and your neighbor buys your property for 200,000 and the investor buys your trust deed note for quick cash of either 150,000 or the whole 200,000. if you are intrested i can offer to buy your note for 150,000 dollars you can use this money to buy a new home pay some credit cards or fix the house.

if you have any questions and you need a private investor you can call me at 203 437 2778 or email me at

thank you,

carlos anaya