Simultaneous Closing & Option to purchase - Posted by Thomas

Posted by Bud Branstetter on April 08, 1999 at 15:40:47:

Before you put the contract in escrow with a certain title company set down and ask them if they feel they can do it and do they see any problems. Questions like can they give a title comitment to the new loan before it is in your name. Will the double charge you by issuing two title policies. What do they feel they have to divulge to the buyer and/or owner.

If you get satisfactory answers then write out the instructions to them for the double close.

Simultaneous Closing & Option to purchase - Posted by Thomas

Posted by Thomas on April 07, 1999 at 15:54:52:

I have an option to purchase a home for 118,000. The fair market value of the house is around 140,000. I plan to sell the property for 140,000. Am I correct in assuming that I can exercise my option to purchase and sell to the seller in the same day. Has anyone ever tried this technique? I plan to use a title company for this deal and bring in the buyer about 2 hours before the seller comes in. If the deal falls through I will gross 22,000 minus closing fees of course. Please give me some advice if you have experience doing these type of deals. I would love to gross 22,000 profit off of a 10.00 investment.