Probably better posted on the main board but here are some answers…
Yes, this is a simultaneous close.
Yes, it is legal (regardless of what your title co. tells you).
Talk to Mid West Notes… I assume they are your note buyer. They can give you a better idea of what their criteria. My experience was that you are going to need to get a KILLER deal on the purchase because of their note discount and max ltv ie they will only lend up to X% of fair market value and then they want a Y% discount when you sell the note.
Can someone help me word the addendum in a real estate contract so that I can tie up a property for 30 days to find a buyer. I will buy the house at bellow market value and sell it for market value or more at reasonable terms. I will by the house for all cash contingent upon being able to find a buyer at my sales price. I will then create a note and sell the note for cash to an invester, pay off the seller and put a couple thousand dollars in my pocket. If for some reason I cant find a buyer within 30 days I will release the property back to them. I want to make sure that I can have access to the property to show it to potential buyers.
Is this a simultaneous closing? Is this legal? Is this the best way to do this kind of transaction? Can anyone help me out on how to word the addendum of the contract? Mid West Notes has already told me that they would take me under the wing and help me out with the transactions. I just want some help with the contract and some feed back from the group. I am new to the business and would like to hear back from anyone.