Re: Simultaneous close ?'s HELP! - Posted by JPiper
Posted by JPiper on December 08, 1998 at 01:26:09:
The statement ?We can?t do a simultaneous close because the title won?t be cleared in time? is one that I don?t understand. What does ?title won?t be cleared? mean??
If what you?re talking about is the question of being able to convey an insurable title surrounding a simultaneous closing, then the question is one that should be addressed to the title company, NOT the lender. The title company should have no difficulty in handling a simultaneous close and providing title insurance to the lender and the new buyer. Talk to the title company about title issues?.not the lender.
On the other hand what you could be talking about is a lender with overly restrictive lending policies. I ran across a lender via a mortgage broker about 2 months ago who had a policy of not making a loan to a buyer to purchase a home from a seller who had not owned the house for 1 year. In other words, this lender had a seasoning require for the SELLER. Not all lenders have these policies though. In my opinion, lenders of this type are complete idiots. A good mortgage broker ought to be able to help with this?.someone who is willing to discuss the lending policy with an idiot.
It would help if you clarified this situation. To rephrase, title and title issues are the primary concern of the title company. As long as you can convey a marketable and insurable title to the buyer with the title companies help, the lender should not have a problem with it. The only way a lender would have a problem is if they have an internal policy that restricts the SELLER in terms of time of ownership?seasoning. What I?m telling you is that ALL lenders don?t have these types of internal policies. A good mortgage broker SHOULD be of help to you in this.
It would also help if you put your numbers on your deal out here. In the event that you have TRULY exhausted all possibilities in terms of the simultaneous close, there may be some other way of doing the deal yourself, depending on the numbers.