No, they just mean change how you close! - Posted by Jim FL
Posted by Jim FL on August 08, 2003 at 17:36:17:
You said you are a “Few weeks” away from closing?
How close is that?
Are the sellers chomping at the bit to close, the buyers, and of course you?
If you don’t have one recorded, get to the sellers, explain that you have buyers, “Ready to go”, however, they need to obtain FHA funding.
This means, they need to buy directly from the title holder.
In order for the house to get sold, and their loan to payoff sooner, rather than later, they need to sign a performance mortgage with you, and a contract with the buyers, to sell the place.
This will allow you to get the title work done ASAP, and the closing set up.
Make sure your buyers are ready on all counts, except this issue.
When the sale takes place, you get paid as a lein holder, and title seasoning is not an issue at all.
Your lawyer should handle the paperwork for this, and perhaps even getting all parties to sign.
Get on this, take the bull by the horns.
This is when you get paid, and what for.
Your deal, you close it.
Do a google search, there are some free performance mortage samples online, which you can take to your attorney, to help them draft you one legal for your locale.
Good luck, and get on it.