All Forum Posts by: Account Closed

I have heard of both simultaneous and double closing also back to back or ABC transaction but not combined as you are saying. Also I was informed at meeting last night here in DC Metro Area not to do dry double closings. Where the money from transaction C pays off Transaction A and B. Without B actually every first paying A. I hear you can receive jail time for that so don't do it even if your title company says it is ok. Check your local laws first and to be safe just don't do it. Use transactional funding if need be or find a different format of closing.

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Originally posted by Gary O'Neill:

Used with REO's and short sales most successfully. The only glitch with REO's is that the banks sometimes require a "seasoning" which means a time period between closings. They are under pressure to relax those rules. All you have to do, usually, is disclose that the "investor/purchaser" in the A to B transaction is selling for a profit.

It is about time they are putting pressure on that ridiculous rule.

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What would happen If I get a short sale property under contract and I can't find an end buyer and I didn't put a down payment as advised by people on here what would legally be in danger of. What would I owe the bank and the Listing Agent? Any input would help. I have 61 offers to put in today but I don't want to go forward without knowing this

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Originally posted by motiv8td:

Originally posted by Jon Holdman:

You'll almost always have to put up an earnest money check on an offer that's made through agents.

Jon, Thats typically true with traditional sales, but I've never put a dollar down. I also refuse to let agents do my short sales, so that may have something to do with it.

Even considering that, my best bird dogs are realtors and they'll get the listing and I'll put in offer and work the short sale my self while they're looking for an end buyer.

I just can't get past putting any money down for a deposit or earnest money. I've got 57 deals I'm working right now, can you imagine keeping track of all that money if I put 1k on each of them

Hi,would like to know the deal structure you have worked out with your agents. For instance how much do they get paid if they just find you a property but you have to find the buyer yourself. And on the other hand I'm assuming they get 6% if they do find the buyer. The first part I'm worried about.

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Hey, I'm in Lexington, KY and I was trying to get ideas on finding the Pre NOD's

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All Forum Posts by: Account Closed

Account Closed has started 2 posts and replied 5 times.

Post: What is SIMULTANEOUS DOUBLE CLOSE?

Post: What is SIMULTANEOUS DOUBLE CLOSE?

Post: Buyer Defaulting on a short sale wholesale

Post: Avg down pymt for Short Sale?

Post: Whats are the ways to find Pre NOD