Posted by David S on February 20, 2001 at 15:39:23:
so, is this a “cash” deal or a VA loan?
If it’s a VA loan, it will take from 30-45 days to close, IF they have been “pre-approved”.
Shed some light here.
David S
Really need some help-ASAP! - Posted by Debra-SC
Posted by Debra-SC on February 20, 2001 at 09:23:46:
I wrote a posting last night and didn’t receive any answers. I really need to know how to handle this deal I am closing. I optioned to buy from an individual who has a loan against his mh. I am selling to an individual who has cash. What forms do I need and do I sell first and then buy or what? The DMV said something about needing a title before I do anything. Anyone had a cash deal like this. The buyers are going to the bank TODAY to get their VA loan for my mh and some land. I need help ASAP.
Thanks in advance.
Re: Really need some help-ASAP! - Posted by Carey_PA
Posted by Carey_PA on February 20, 2001 at 20:55:59:
In my opinion if the buyers are paying CASH (through a VA loan or getting the money from their bank account) then you are going to need a title.
Check with your dmv to see how long it takes for the new title to arrive in your name. IN the mean time do the deal with the seller. THEN when the title comes in set up the deal with the buyers.
Now, what I would do and grant it I don’t know how much cash you’re talking about but IF they will have the cash in hand and they will NOT have to go through a “mortgage” type company then I would see if they are willing to give you the cash as long as you all sign the appropriate sales contract, etc. OH and I would also show them the paperwork from the dmv where it shows that you will be receiving the title, etc. If they won’t give you all the cash, take a down payment or a deposit and let them move in THEN when the title comes in, get the rest of the cash.
hope this helps,
CAREY