Posted by John Merchant on October 28, 2007 at 17:15:38:
A competent escrow officer/co. can do a DC very easily and without divulging to either S or B what you’re paying or making on the deal.
Since funds are never disbursed on same day as signing, and in fact, not until all docs are recorded and all checks have cleared, the S isn’t going to be expecting his funds the minute he signs-and he’s not going to know what you’ve paid or made.
If you are RE agent then you’d have to disclose that fact but otherwise nothing has to be said about why you’re buying or what your intentions are.
If you’d spend a few minutes with an escrow officer (and I prefer a private, non-national Title/Escrow co.*) and ask about this you’d learn a great deal.
The big national T & E companies have their own rules and way of doing things and they pay little attention to what their clients want. I’ve had to pick up my closing docs from more than one big T&E co. when it became apparent they were following home office rules and not mine.
Posted by TOMMY FL on October 28, 2007 at 02:17:15:
I have read confilicting arguments on what is the best way to double close. And either of them sound smooth. These are the 2 ways that I am aware of tell me if there is another better way?
In both situations is it best to use and option or purchase contact to cloud the title?
Close with buyer first at title company. Buyers leaves his money with a title company without a deed? Seller shows up shortly after and I close with the seller and keep the difference?
OR
2 Close with the seller first at title company. Seller signs the deed and leaves with no money? Buyer comes in shortly after and buys the home at higher price I keep the differnce?
I could get it done dont get me wrong but it just seems like a stretch, is there an eazier way to accoplish this?
And what is the best way to lock up the home, with a recorded Contact,Option, or deed the property into a trust?
I want to learn this concept A to Z can someone point me in the right direction?