simultaneous closes - Posted by marla (SC CA)


#1

Posted by Redline on December 03, 1998 at 10:22:46:

If I understand your question correctly - the answer would be that your contract with the seller will state a cash deal, close in 30days (or whatever). Come closing time, it will be someone ELSE providing the cash to close the deal, not you.

RL


#2

simultaneous closes - Posted by marla (SC CA)

Posted by marla (SC CA) on December 02, 1998 at 18:48:35:

While at a title company for a refi on my PR, I asked the agent if she were experienced in handling simultaneous closes. She didn’t appear to understand what I meant (started talking about exchanges)so I explained that what I meant was where I’d buy a property and sell it right after. She said “Sure, but there must be full disclosure throughout unless you’re purchasing all with your own cash.”

From related postings I’ve read at this site, I didn’t think this would be an issue. Have I missed something? Did I just ask my question poorly or is this what I what I should expect from other title companies?

TIA for your advise!

Marla


#3

She doesn’t have a clue. - Posted by Bud Branstetter

Posted by Bud Branstetter on December 02, 1998 at 20:54:34:

Sorry for being judgemental. One that knows what is going on will take the money from the ultimate buyer and use it for the purchase. My buyer may know I have not completely closed but price disclosure is not what you want.


#4

Re: She doesn’t have a clue. - Posted by marla (SC CA)

Posted by marla (SC CA) on December 02, 1998 at 21:25:50:

Well, that’s pretty much what I told my partner as we left, but I was a little shocked by her answer, 'cuz she said she’s been in the business for 24 years. (!) she did go on to say that for the past few years she hasn’t done much in the way of “creative closes” because she’s kept so busy just doing the standard deals.

I’ll look for somebody else to give my business to.

Thanks, Bud.
Marla


#5

Re: But does that mean… - Posted by Duane

Posted by Duane on December 02, 1998 at 21:16:02:

that my contract with the seller does not have a clause regarding me obtaining financing? Or does my buyer obtaining financing cover my original requirements with the seller?

It’s these sorts of questions I don’t understand. Are they covered EXPLICITLY in someones course, or am I missing something?