The concurrent closing strategy is difficult to exercise because it is illegal to sell a property you do not own title to. What I would suggest is look at your agreement and make sure that you have the ability to assign your option to another party without consent of the owner. Charge an option consideration fee to someone who is able to exercise that option, (of course make some profit) and notify the owner that you have assigned your exclusive and irrevocable right to purchase the property.
Posted by Scott Miller on January 04, 2006 at 16:31:13:
I have a lease option to purchase the house I have lived in for the last two years. The option allows ME to buy the property at any time for $275k dollars and $270 after kfebuary. Unfortunately I can not qualify for the mortgage. Can I sell the property to a third party, dual close and pay off the 270 to the owner? Or can I sell the house to a third party and the title company pay the owner directly and pay me the difference on the HUD?