Posted by Dennis Riles on January 21, 2001 at 06:50:59:
Given your response: (Once the 2nd buyer’s funds are in escow, just proceed), is your buyer the second buyer a cash buyer or cash buyers only.
What I have experienced with the lenders for the second buyer is that the second seller is not on title, therefore, lenders will not approve the funds for the closing/escrow.
How do you overcome this delima?
Wording a contract to allow double closing - Posted by John Knowles
Posted by John Knowles on December 14, 2000 at 04:01:41:
I have searched the archives and found numerous articles on the mechanics of the double close - what I should like to know is, how does one insert language in the agreement to allow me, who does not own the property, to sell said property to someone else? Because this someone else would have to pay me before I had the money to pay the owner. Also, in the case of a lease purchase option, how could this permission (for me to advertise and sell the property, which I do not own)be included without alerting the owner to my intention of flipping the property (some owners might not like the idea of me making a nice profit out of their property)
Re: Wording a contract to allow double closing - Posted by Sean
Posted by Sean on December 16, 2000 at 17:48:39:
No special wording is required to make a double or simultaneous close. On the day of the close your buyer places the funds into escrow. At that point both closes are handled simultaneously.