Please read simultaneous - Posted by Billy

Posted by Mark-NC on January 16, 2000 at 10:22:58:

Just tell the broker exactly what you are doing, if the broker is experianced they will know that this is a flip. The broker should know this as soon as possible because most lenders won’t allow this. You wouldn’t want to take your deal to far and have it killed when the lender see’s that you are not the owner on the title. There are only a few lenders that will allow this so find out for sure from the broker.
If you can’t get it done on the mortgage side you can do it with a owner financed note and sell the note.

Good luck.

Please read simultaneous - Posted by Billy

Posted by Billy on January 15, 2000 at 21:16:11:

I am a new to simultaneous closeing please advise.

  • Have home under contract with seller @ 123,900 To me.
  • Have contract with my buyer for 143,600 my buyer
    has 10k dn.
    My buyer will go 85% LTV through b/c lender …
    Home will apprise for 145,000
    My question is how do I explain this to the mortgage
    broker where I am in the middle and I don’t need financing.
    thanks Billy

Simultaneous Close - Posted by Dave T

Posted by Dave T on January 16, 2000 at 23:35:31:

If you are really doing a simultaneous close, both settlements take place on the same day (perhaps in the same hour) and all funds are disbursed only after the second closing is completed. Your buyer will settle first. The proceeds of your sale will be used to buy the property from your seller.

You don’t need your own mortgage – do you? If not, why are you applying for a mortgage?

Have your settlement attorney or title company (hopefully they are well versed in simultaneous closings) walk you through the transactions and clear up any muddy waters for you.