Posted by Brent_IL on September 08, 2003 at 14:46:13:
Within the traditional meanings of the terms, it is not difficult to do a double close since the bank is a party to only the first half. You can run into difficulties when you try to do a simultaneous close because you intend on using someone else’s money to close with the bank. Banks aren’t fond of third-party deals.
Short sale . . . Am I discouraging the bank? - Posted by Anton
Posted by Anton on September 08, 2003 at 10:54:03:
In a short sale, I read that it will be difficult to work a double closing because the bank will know there is a middle man and a profit being made. Is this true? Or will the title company the bank uses for closing understand this and alert the bank at all?
Anton
Re: Short sale . . . Am I discouraging the bank? - Posted by MattFL
Posted by MattFL on September 08, 2003 at 16:21:25:
It is not difficult to do a simultaneous close with a short sale. In fact, I am closing on two this month doing exactly that. You have to have the title company prepare two HUD-1 statements, so that you can give the lender the first one showing you buying at the agreed upon purchase price. I haven’t had a lender require a certain title company, so the two of them are not in cahoots or anything. You (or the buyer) pay the title company, so they work for you.
Re: Short sale . . . Am I discouraging the bank? - Posted by MattFL
Posted by MattFL on September 08, 2003 at 15:17:35:
It is not difficult to do a simultaneous close with a short sale. In fact, I am closing on two this month doing exactly that. You have to have the title company prepare two HUD-1 statements, so that you can give the lender the first one showing you buying at the agreed upon purchase price. I haven’t had a lender require a certain title company, so they’re not in cahoots or anything with the bank. You (or the buyer) pay the title company, so they work for you.