Posted by Amanda-NY on September 28, 2004 at 12:06:37:
Hi Ken.
Thank you for your reply.
I am in Westchester County.
It’s a next county North of NYC. (Just above of the Bronx)
Simultaneous closing (realtor is involoved) - Posted by Amanda-NY
Posted by Amanda-NY on September 27, 2004 at 22:25:09:
I have been trying find out about simultaneous closing however, haven’t found the answer.
I contacted several realtor who will send me some hondyman special type properties to me. I would like to make an offer(s). I would like to wholesale the property to investor. (I haven’t even made an offer, so please assume that I did and accepted.)
My main question is if I have the contract to close, do I have to buy the proterty with my own funds before flipping to next buyer? (Can I use the funds of my buyer?) It can’t be dane if the property is FSBO; however, can I do this if realtor involved?
I called realtor and asked the question (I just called the one found on yellow page). But she had no idea about simultaneous closing. I have no idea who is the appropriate people (company) I should ask. It seems morea ask, I’m getting different answers.
Thank you
Re: Simultaneous closing (realtor is involoved) - Posted by ken
Posted by ken on September 28, 2004 at 10:08:15:
Where in NY? I am in Schenectady maybe i can help
Re: Simultaneous closing (realtor is involoved) - Posted by Kristine-CA
Posted by Kristine-CA on September 27, 2004 at 22:39:02:
Amanda: the people who do simul closes are your closing agent (I think it’s lawyers who do escrow in NY). Agents have nothing to do with the mechanics of simul closes.
I buy all my properties FSBO–and double close most of them. I use my buyer’s money to fund my purchase with the seller. It’s done all the time. But it is important to work with an escrow agent that understands what you are trying to do.
You might want to read some more in the archives on double closes, simul closes, and flipping. There are many good posts that explain the mechanics of flipping, including the problems one might run into when working with an agent. Kristine