No Assignment?Simultaneous Closing? - Posted by Emerson N. Duhart

import · October 10, 1999, 9:30am

Posted by RRSmith on October 10, 1999 at 13:45:31:

The transfer of a VA or FHA loan (like your talking about) would have to be preapproved by the org. . … .An REO is a entirely different matter. Since you are cutting your own terms with the bank you should be able to write whatever you need into the loan. If you come up on anyone who won’t take a Assigns contract ask other REI what there rep is (you should walk, is what I think).

import · October 10, 1999, 9:30am

Posted by Emerson N. Duhart on October 10, 1999 at 09:30:44:

Hi Folks And Good Luck To Everyone,

I have a question about assignments (Emerson N. Duhart and/or assigns) and the alternative simultaneous closings.

Scenario:

While looking at a REO/VA/HUD list I come across a potentially good deal. So I do the natural and go into contract with an assignment. However my offer is kicked backed to me saying that this particular organization does not accept assignments; but will except my offer without the assignment.

Now I’m saying to myself: What do I do know? Then I recall all of the articles and messages that I read about simultaneous closings. You know the ones that say:

I called the title company and asked them if my buyer deposited his funds into escrow at closing, could they simply cut a check from escrow to the original seller to pay my purchase cost, cut a second check to pay for our closing costs and give us the balance.

So I was thinking…What If I found a buyer…Then got him/her qualified for a FHA or Conventional financing…Called the title company and tell them that I have a buyer and to get the simultaneous closing prepared…

This sounds great! Right?

Well one question…How will my REO/VA/FHA seller feel about this? Will they care? Does it matter how they get paid? Will the bank that has qualified my buyer care about the arrangement? Or…Should they even know?

Thanks in advance for you help with this one,

Emerson