All Forum Posts by: Christopher W.

I'm probably wrong, but I thought simo closings were actually illegal? I mean where you use the funds from the B-C transaction to fund the A-B transaction?

For back to back closings, doesn't the A-B transaction actually have to close before the B-C transaction can close?

When the bank finally approves an offer, don't they usually allow around 30 days to close? I have heard of people getting another 30 day extension, but I would think that much longer than that and the bank may just close the file.

But I agree with Justin and say reduce the price if you can afford it. I think 10-15% below market and people will start making offers.

If the seller comes up with some money to pay off the second, does that affect the negotiations with the first at all? I mean if the seller has cash lying around (especially a few thousand), wouldn't the first want a part of that? If not all of it?

My first thought is get the property under contract first. That way he can't go around you.

But even if he does steal the deal from you, then you know not to work with him anymore. He may just want to run his own numbers or his own comps or something.

Oh in that case I don't have enough experience/knowledge to help you out any more. I'm still new at this. I would be very interested to find out what ends up happening though.

Haha! I was thinking the same thing.

I've never done this myself, but I have heard from other far more experienced investors that they come up with the difference out of their own pocket. I don't like that answer either, but it is what they end up doing most of the time. If you are working with real estate agents, sometimes they will take a hit on their commission, but that varies from person to person as well.

Good job! I bet that is a great feeling!

HA! Yes, that works very well. Thanks! So is there no way to search for a specific phrase in the forums from the BP search?

If I type two or three words in the search it will search the forums. But if I want to search for a specific phrase, I'm used to putting the phrase in quotes. The search results are the same whether or not I use quotes. Maybe I'm doing something wrong, but how do I search for a phrase on BP?