Posted by NJDave on February 07, 2000 at 14:43:53:
When I structure short sales for my clients I usually recommend that they have a ready, willing, and able Purchaser standing by, ready to purchase your contract.
If you haven’t got one, then I suggest that you offer the property for sale (as contract purchaser, subject to lienholders’ short sale approval). Make sure the Purchaser completes their mortgage finance application, and has an appraisal performed that will satisfy the mortgage/note buyer’s criteria.
Short Sale ‘Ready To Go’ vs. SIMULTANEOUS CLOSING??? - Posted by Joanne NY
Posted by Joanne NY on February 06, 2000 at 15:00:50:
Banks ‘practically’ accepted a short sale offer. I’ll SOON face a closing date. Would like to arrange simultaneous closing with a buyer who, preferably, already has a mortgage commitment.
Assuming that I’ll locate such buyer/investor - how do I go about the arrangements? Is it enough to find a Title Co. experienced with simultaneous closings and follow their directions? I would very much appreciate advise/commet/any input at all. Thanks!
Re: Short Sale ‘Ready To Go’ vs. SIMULTANEOUS CLOSING??? - Posted by Not A Newbie
Posted by Not A Newbie on February 06, 2000 at 17:56:38:
Sounds like you should flip the approved, ‘good to go’ contract and avoid all the closing costs associated with a simultaneous closing. Do you have an Investor ‘at the ready’ who wants your deal? Apparently you don’t. Better start networking!!! Or, you can advertise the property with Seller financing, create a mortgage/note, and sell it to a Note Buyer.