Simutantous Closing - Posted by Jill (WV)

Posted by Jill on February 13, 2002 at 20:04:40:

Just realize that I spelled simultaneous wrong.

Simutantous Closing - Posted by Jill (WV)

Posted by Jill (WV) on February 13, 2002 at 19:15:23:

Can simutantous closing still be done or are they illegal? I need to hear some success stories. If you want to flip the home yet find that you are running out of time, how long should you wait until you try to find funding? What is the best way to fund the home until you can get it sold without doing repairs? Thanks for responding!!

Re: Simutantous Closing - Posted by JoeS

Posted by JoeS on February 13, 2002 at 22:05:33:

The best way to fund the house is the way that works best for you. It may be seller financing, hard money loan, rehab loan, equity loan, cash. Whatever your situation will allow for. Some investors buy on a line of credit, do some work on it and sell retail.
Simultaneous closings are NOT illegal. The only problem may be the financing for your end buyer. There are fewer and fewer lenders that will do them, and if you find one that will, stick with them! The key is your end buyer having excellent credit! Then lenders will look more favorably at the deal.
You should have financing lined up if your end buyer does not pan out. Hope this helps.

Re: Simutantous Closing/Error - Posted by Jill

Posted by Jill on February 13, 2002 at 20:06:25:

Sorry about spelling simultaneous wrong!