Posted by Jim IL on June 27, 2001 at 15:11:21:
Before you worry about this too much, make some calls locally.
Call some title companies and attorney’s and ask if they can do a “simultaneous close” for you?
Some will, and some will not.
You may have to interview a few different attorney’s and explain what it is that you are hiring them to do, but I’m sure you’ll find a good one.
Thankfully, I have an attorney here who knows what he is doing, and is affiliated with a local title company.
We are closing a L/O deal this Friday, and the lender for my buyers has a title seasoning requirement.
So, my attorney is simply having my buyer purchase the home directly from my seller.
There will be a line on the HUD-1 statement which is my “Fee” for my profit.
This actually works better, since there will now only be one closing, meaning less costs.
I’ve closed quite a few of these, and done them like the one mentioned above, and with a simultaneous close as well.
The lender is the one you need to look at.
In fact, while I’m thinking about it, contact some mortgage brokers and see who has lenders who do not care about title seasoning.
This way you can direct your buyers to them.
I tell my broker, "look, you find me a good lender, get my deals closed, and I’ll send ALL my buyers to you for loans."
It works for me.