HOW DOES A SIMULTANEOUS CLOSING WORK? - Posted by Anthony

Real Estate Investing Real Estate Financing
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Posted by JR on March 09, 2004 at 10:32:31:

what do you mean by 100,000 comps? Are you doing 0 down purchase and why do u need a simultaneous closing?

thanks

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HOW DOES A SIMULTANEOUS CLOSING WORK? - Posted by Anthony

Posted by Anthony on March 09, 2004 at 08:22:26:

I’ve been wanting to flip some houses but first I want to understand how a simultaneous closing works? As an example I find a house to purchase for 60,000 with 100,000 comps. Since I dont have any money I sell it to another investor for 70,000. Now since I dont have money for closing cost how would this work out? Plus do closing companies like doing simultaneous closings? Any info would be very helpful. Thanks.

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Re: HOW DOES A SIMULTANEOUS CLOSING WORK? - Posted by Ed Moore

Posted by Ed Moore on March 09, 2004 at 12:52:55:

Save yourself a headache by simply charging an assignment fee to the new buyer and letting him takeover the contract. It’s quick and simple. This, of course, is assuming the contract is assignable.