Posted by Rob MacFarland on November 15, 2000 at 07:46:39:
Biddy,
Let me say that as a “newbie” myself I can’t answer your question BUT … let me also say; CONGRATS for jumpin in with both feet … yet hopefully not over your head. If it doesn’t get too painful, it is probably the best way to learn. I wish you the best of luck.
~Mac
Simultaneous Closing - Posted by Biddy
Posted by Biddy on November 14, 2000 at 20:39:47:
Can someone tell me how exactly simultaneous closing works? I am a newbie and wanted to flip properties to start, however my first deal is involving a bank REO and they have refused to consider the assignment of contract clause. I decided to go ahead with the purchase myself, rehab and then resell. I am however experiencing financing problems, the bank wants me to close on November 18, and most brokers I have contacted are telling me it’s too short a time to come up with funds. I am getting desparate so the idea occured to me that maybe I could do simultaneous closing and have an investor come in to purchase the propety. Someone please explain the process and tell me if I can do this. Thanks.