simultaneous closing - Posted by Bipin Patel

Posted by Shawn MM on January 29, 2002 at 11:44:24:

I’d market the house until he shows you the cash. What if he falls through? Or comes up with some weak lame excuse? People do it all the time. I’m a newbie in REI, but my other business dealings this has proven to be true. I believe it when I see it.

Good luck,
Shawn MM

simultaneous closing - Posted by Bipin Patel

Posted by Bipin Patel on January 28, 2002 at 19:53:53:

I signed a purchase agreement with a lady whose house was burned down.I have a closing date on or before 28 February.I had lined up an invester before i signed the contract,he had offered me 15000.i bought this for 10000.He says I don’t have the money now.and asked me how much you will make?I said roughly couple grand.He said he would have money next week,hold it tight to it.I am closing simultaneously,would title company tell him my purchase price?If they do I might loose the deal.Should I wait for him for week or do vigorous marketing?Any feedback appreciated.Thanks.

Re: simultaneous closing - Posted by JoeS

Posted by JoeS on January 28, 2002 at 20:12:37:

Here is the drill on a simultaneous closing. You signed a contract to buy for 10K, and a contract to sell for 15K, leaving a profit of about 5K. Good job! The closing goes like this; The seller drops off the signed documents to either their attorney or the Title Co. Your buyer and you go into the Title Co. and sign all the paperwork to buy. He gives you a CERTIFIED check for 15K, the Title Co. deposits it into their escrow account. He walks away with the keys. The Title Co. cuts the seller a check for 10K, and you a check for the difference. All the papers go on record , with the deed from seller to you first, followed by the deed from you to the buyer. The buyer may see in the paper that you bought for 10, and sold for 15, but that will be weeks down the road. So what? He was happy, the seller was happy and you were happy! Everyone is happy!

Re: simultaneous closing - Posted by ejs

Posted by ejs on January 28, 2002 at 20:09:45:

I would do vigorous marketing and wait on him, but I am no expert.

Re: simultaneous closing - Posted by Bipin Patel

Posted by Bipin Patel on January 29, 2002 at 10:22:40:

What if he says hold on to it tight,I don’t have money,will do next week.So closing comes nearer and I may not have other buyer ready then,and whoever inquired earlier,I may not have shown him the house.So should I not continue marketing the same house!And I could get more people on my list as buyers.