Short sale Closing - Posted by Curtis

Posted by Max-Va on June 28, 2007 at 20:56:20:

Someone here can probably explain this better than I can.
There has been changes in the underwriting of Title insurance. Doing a double close with the buyer financing, the buyers lender as well as the origional lender will have to be notified about the transaction to get the insurance policy. This being done you the lenders will not allow.
it is something to that effect, I will read up on the details and reply tomorrow

Short sale Closing - Posted by Curtis

Posted by Curtis on June 28, 2007 at 16:46:03:

I have a number of deals (16) in my pipeline in NY. How has the new foreclosure law affected simultaneous closings. Or has it affected it at all. Can I close with my buyer if he is financing?? I want to assign the contract but that is not possible since he’s financing. What should I do??

Re: Short sale Closing - Posted by MATTG

Posted by MATTG on June 29, 2007 at 09:02:47:

Yea I remember when FHA would do 3rd party pass thru title-but not anymore and the practice of dbl close is nearly dead.I can offer some other helpful hints but every deal is different.