Question from a Newbie
Hello, I'm new to the board.
I am working on a deal that looks like this. The property is in Michigan, a mortgage state. I have a property that has been through the sherieffs sale and is now in the redemption period. There are two liens on the property. The second mortgage, I have a pay off letter, and the first mortgage, I'm working on now trying to get a payoff. I have a buyer for the property ready to go. My plan is to assign him the contract. I am basically going to be a middle person.
Practically, I was thinking of a double closing. That is, I go to the table with the sellers, get a quit claim deed and then go over to the final buyer and provide him with a warranty deed, paying off all the liens on the property and walking out with the difference.
Question: the agent I'm working with says the double closing is fraud. I don't see how its fraud as everything is being disclosed and I'm being straight forward with everyone involved. Is it fraud? I have another concern, and that is that I'm not on the prelimary HUD anywhere.
I want to help out people, and I've come to a good solution for everyone involved. But I also want to get paid...I've put a lot of time into this.
Any advise would help.