Posted by stu on December 09, 2004 at 13:39:01:
Yes, you are talking to the wrong people. It’s not a matter of legality, it’s perfectly legal. Now, the lender may object, or the title company might not want to do it, but I don’t think it’s a legal issue, IMO (I’m not an attorney) It might be hard to find a title company that is willing to do it, but they are out there. Check with some investors in your area.
Simultaneous closing question - Posted by newbie
Posted by newbie on December 09, 2004 at 08:31:45:
I want to wholesale a property. I understand simultaneous closings are legal, but how is this done? I’m being told by title/settlement companies that it’s only legal if I don’t use the final buyer’s funds to purchase from the original seller. Am I talking to the wrong people?
Re: Simultaneous closing question - Posted by William Bronchick
Posted by William Bronchick on December 09, 2004 at 20:55:10:
You are talking to the wrong people. By definition, a double close
means using the funds from the 2nd closing to fund the 1st.
This business is a lot like medicine. 9 doctors will tell you are you
going to die, then the 10th will recommend a cutting-edge surgery
that saves your life.