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Updated about 6 years ago,
Release Agreement to FHA Buyer???
Hey BP!
It's been a while since I've last post anything on here but as per usual I am here when in need for sound advice as this is the best online forum to ask questions in this business. I currently have a property under contract and it's in relatively good condition minus a few things that may need to be addressed which isn't more than $5k worth of work IF that. I have a buyer that wants to buy it from me top dollar with an FHA loan. I know that I could close this deal using a double closing with a transactional funding lender but of course I'd like to minimize my fees. I thought about using a release agreement and charging the Buyer for me to release the property to them considering my efforts in negotiating the on the home, locating the property and any repairs I may need to make to help the property p*** inspection for FHA loan. This would prevent me from dealing with paying any closing costs versus paying two sets of closing cost for a simultaneous (double) closing. I just never done this with a buyer using a bank loan and wanted to know if anyone has successfully used this strategy before. I wouldn't want to go into the deal with the wrong method of closing. If I need to do a double close and pay the fees I will, I would just prefer to milk this thing as much as possible, naturally. Any input provided would be greatly appreciated.
Thanks Guys.