Posted by Jim Davis on April 02, 2000 at 03:19:12:
Kevin some funders will pay the cost of the close, well that, is that cost of the seller assigning the note to them the seller and buyer still have their cost.
To save money on all your closing have the title company “keep the file open” that is simply having them issue the title in the new buyer’s name.
simultaneous close question when flipping - Posted by Kevin
Posted by Kevin on April 02, 2000 at 01:48:32:
When a simultaneos close occurs, where the transction occurs in the morning, does the person flipping the property also have closing cost, and what other costs does he/she occur at the closing? (in other words, what costs are incurred by the one who is flipping the property?)
Save costs when Flipping… - Posted by Michael Morrongiello
Posted by Michael Morrongiello on April 06, 2000 at 11:17:07:
Kevin:
When doing a “flip” type deal If you do not enter into legal title and then deed out to the subsquent buyer then you may be able to avoid the expenses involved in a 2nd escrow, applicable deed transfer taxes, etc.
Here are a few ideas to avoid those expenses although they may require a disclosure of your “profit”. This should be weight against actually taking legal title and then reselling the property where disclosure of your profit becomes less likely.
You might option a property for one price and then simply SELL your option rights. In that way the buyer of your option steps into your shoes and completes the purchase directly from the same seller you optioned with.
Tie up the seller with a contract that is assignable. This serves as a psuedo option and allows you to then assign your purchase rights in that contract to a buyer- again only one set of closing costs here
I am sure there may be a few other ideas that other posts can contribute here,
To your success,
Michael Morrongiello
Re: simultaneous close question when flipping - Posted by Michael Morrongiello
Posted by Michael Morrongiello on April 03, 2000 at 17:56:13:
Kevin:
If you actually take legal title to the real estate propety and then resell it then there may be additional deed transfer costs, recording fees, possibly a seperate escrow fee, etc. that may be assessed on the 2nd sale
Michael Morrongiello