7-10 Day Closings
Greetings Forum:
How are people able to do closings in 7-10 days. Are they helping the sellers move? Where are these closings held and who attends these closings?
Does a Bird Dog have to be present to get paid on a quick closing such as this?
Help give me some clarity on this.
Thanx
Tybotica :-D
Theoraetically you can close in as little as 2 days. I have seen it done by others, but it is a rarity. If all the information is available and all you need is a final check on the title and a closing agent, there is literally no wait.
If you are well suited enough to have all your people ready to do there job at a moments notice, then 7 days is definitely doable. Most of the people that advertise that though, do not do so. There "disclaimer" is that you (the seller) must have all that information for them, and then they close within 7 days. As far as the money goes, there are private lenders involved that will have the money ready at a moments notice if the monies being paid out are less than XX% of appraisal value, or XX% above tax value.
As far as you getting paid, MOST investors wont screw you over. However there are always snakes slithering in the grass somehwhere. It wouldnt be a bad idea to be at closing or, better yet to have a contract in place covering your interests. As a check up you can contact the closing attorney and state how you would like your payment (wire, check, money order etc. ) . This way you can double check to make sure you are on the payee list, and clarify how you will get paid.
Hope that helps,
Kyle