OfflineCan you close with your end buyer first using their money to close the deal with your seller?
__________________
Regina 
RLK Investments LLC
Double Closing question..
Posted on: Wed, 07/20/2011 - 18:18
Can you close with your end buyer first using their money to close the deal with your seller?
Regina
RLK Investments LLC
Once upon a time, you could double close and use your end-buyers money. Not any longer. The banks don't want you double-closing at all, even using flash cash. But, if you're going to be buying REOs, close with YOUR title company (not the one the bank uses), then you will be able to double close. But you have to purchase the property first with your own money, or trasitional funding - then close with your buyer.
Those who kill time murder opportunity.
"Beloved, I wish above all things that thou mayest prosper and be in health, even as thy soul prospers." III John 2
"To get up each morning with the Resolve To Be Happy is to set our own conditions to the events of the day. To do this is to condition circumstances instead of being conditioned by them." Ralph Waldo Emerson
I am in Colorado. A simultaneous closing is possible here with the right title company. You have to have a title company willing to do this. You do NOT inform the lender/seller.
It is none of their business as long as you close. Your buyer MUST be aware and sign a statement that he/she is aware of you using their money to fund your purchase. You close the b to c first then the title company wires the money to the lenders title company and you close the a to b.
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Thank you Michael! I found a title company that does this but I just wanted to get some "expert" opinions.
Regina
RLK Investments LLC