Can You Do A Double Closing With A Short Sale

Comments(10)

• 
  brooklyninvestor1st January, 2004

  BUMP Good question. I would like to know the answer to this also. If assigning the contract isn't possible. What about closing on the property and then reselling it immediately without doing anything to it (i.e. no repairs, etc.....)

• 
  cpifer1st January, 2004

  1. Most title companies will not do a double closing.
  
  2. In order to short, the banks will most likely want a contract for sale, proof of funds and a settlement statement or "actual" HUD 1.
  
  I'm not saying it can't be done but those are the rules - with an FHA short sale, well just forget that one.
  
  C-

• 
  rickpozos1st January, 2004

  There is not a law against it, that I know of. Some title companies may not do it, but then again, find one that does. You could also close with an attorney, it that is permitted in your state. I have found that RE Attys are somewhat more flexible and willing to do what needs to be done to collect some money.
  I must say, build a relationship with Title Co. or RE Atty so that you can ask THEM these questions and any others.

• 
  TheShortSalePro1st January, 2004

  get around the assignment problem with the 3 letter strategy.
  
  L L C

• 
  DerrickAli1st January, 2004

  SSP is K-Rekt!!!
  
  You could also use a FIVE LETTER WORD:
  
  !!!TRUST!!!
  
  [ Edited by DerrickAli on Date 01/01/2004 ]

• 
  wanttoknow3rd January, 2004

  I understand the process with a trust but explain the LLC . Also I have LP, could that be used.

• 
  lp13rd January, 2004

  you sell the sell the LLC with all its assets.

• 
  InActive_Account8th December, 2004

  I was wondering if someone could explain the processes of getting around the assignment / double closing by using "LLC" or "TRUST" in some detail.
  
  Thanks
  Brian

• 
  TheShortSalePro8th December, 2004

  In my world, the property isn't placed in an LLC or a trust since that would fly in the face of most mortgagee approved, preforeclosure short sale criteria.
  
  The Contract to purchase names the LLC as Purchaser. The Contract is an asset of the LLC. Manipulate the members within an LLC to effectuate an 'assignment'

• 
  ZinOrganization8th December, 2004

  http://www.thecreativeinvestor.com/ViewTopic36245-35-26.html
  
  this post was pretty recent so you should of looked at it before posting the same thing, but thats allright.
  
  we had no problem double closing, so i dont see why you would. you can double close even with most conventional buyers by putting the property in trust, just not F.H.A.
  
  Use a lawyer who has done this before or title co.