Simultaneous Closing? How? - Posted by j_bedunah
Posted by j_bedunah on December 26, 1998 at 19:43:44:
I’ve heard about simultaneous closings before, and I understand the basics i.e. you find a seller with good terms, find a buyer who can exceed those terms and the difference goes in your pocket. What I don’t understand is the mechanics. How do you tie up the seller, get they buyers money and close the deal without signing anything? Or without the buyer and seller just pushing you out of the way and closing with each other? Here’s why I’m asking:
I’ve found a mobile home deal where I can get ownership by paying two back payments and “transfer fees.” I would like to find a buyer with a down payment large enough to cover the mobile home back payments and fees, the advertising, plus a little extra for any surprises (or my pocket if there are no surprises). I would then carry a note for the value of the MH and take monthly payments at %10-12 interest. Any suggestions, clues on how to do this deal specifically?