Under Contract/Simultaneous Closing - Posted by Tony

Real Estate Investing
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Posted by Suzanne on January 08, 2002 at 19:20:15:

Richard, I’m sorry but I do not understand where you are coming from.

Ron LeGrand and others teach that a simultaneous closing is basically a double closing where the seller of the property closes with you the investor, and then a short time later the buyer closes with you the investor who has a contract on the house which is either a purchace contract or lease/option contract.

I know some lenders do not like these type of closings, but they are not illegal unless fradulent activity is taking place such as the appraiser stating that the house is worth more than it actually is, loan fraud, usery, and etc.

A lease/option is not usually considered a seller carry back loan.

2

Under Contract/Simultaneous Closing - Posted by Tony

Posted by Tony on January 03, 2002 at 14:41:53:

What does it Mean to have a house under contract ?
Can someone please explain simultaneous closing ?

3

Re: Under Contract/Simultaneous Closing - Posted by kurry jackson

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Re: Under Contract/Simultaneous Closing - Posted by Suzanne

Posted by Suzanne on January 08, 2002 at 19:27:19:

A house under contract simply means that you and the seller agreed to and signed either a purchase agreement or a lease/option contract.

An option gives you the right to buy the house while you are leasing the house from the seller. Usually with the lease/option there is a clause that gives you the right to sublease to a tenant/buyer.

A simultaneous closing is when you and the seller close on the property using a “dry closing” - the seller will not get his money at the closing. Shortly after that the buyer closes with you on the same property.

Some lenders do not like these types of closings, so you may have to search for some that are willing to work with investors and do not have a problem with it.

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Re: Under Contract/Simultaneous Closing - Posted by Jon Richards

Posted by Jon Richards on January 04, 2002 at 20:28:21:

Tony,
Having a property under contract usually means you have a signed agreement to purchase…and the seller has accepted your earnest money deposit.

Simultaneous closings occur when the seller of a property creates a seller carry back loan and then “simultaneously” sells all or part of the note to an investor. You can find more by going to our FSBO web site which we use to educate sellers and realtors. It is at www.create-a-mortgage.com.

Best of luck, and hope that helps.

Jon Richards
NoteWorthy Newsletter

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Re: Under Contract/Simultaneous Closing - Posted by brooke maggi

Posted by brooke maggi on March 22, 2006 at 04:20:11:

what does CNTG/NO KO mean?
i have looked every where and can not figure it out. im sure its a real
estate question becuase i saw it on page of a house im iterested about,
concering its status. please let me know.
-brooke