Double Closing
Does anyone know of any title companies that do double closings in Chicago and is the use of a Landtrust while flipping to an end buyer considered a double closing where I contract with the seller and I am the trustee of the trust and I simply sell the property in the trust to the end buyer... He is not taking over the trust, I am just selling it to him (end buyer) from a land trust.
Barrister Title. My attorney can also do it, PM me for details.
It would be nice if that were the case but the repairs, even if we cut corners, are at least 40k.
I am confused as to how you would make any money even if you did buy it. If you got it at 60,000, and the repairs are 69,000, and in good condition it is only worth 130,000, you would be making only $1k IF it sold for $130 and there were no costs associate with buying or selling. What am I missing?
Sounds like the B P O was never influenced. ASC
L M operates on Computers, You must pop the flag
to have the deal reviewed. How old is the BPO was
it exterior or interior.(Find Out) . Always order a Termite report to help influence the deal . They will
address and confirm the Foundation Issue. You are
not projecting your cost accurately. You must include
a holding cost for the duration it takes to sell the property. What about the CMA and the DOM . Substantiate your position I love ASC. 3 units $675 k in encumbrances purchased for $380 k in CA. send me and email for details. Good Luck request another B P O also
get a letter from your local city inspector regarding the foundation issues[ Edited by CFALB on Date 01/15/2008 ]
I run into this alot. Take pics of the damage. Get the contractors sworn statement for repairs. Prepare a net sheet with the current balance owed, add the back interest, legal fees, carrying costs, repairs, real estate agent commissions, and any other expense you can find. Put all of that in one column and add it up. Then put your offer in a column next to it. Send it to your mitigator and have him share it with his boss. If you can clearly illustrate how much it will cost the bank in time and money to foreclose and take back the property rather than sell at a loss to you, you may change their minds. If they balk, tell them that you are no longer interested and walk. Call them in 30 days and they may change their tuneentirely. In fact, I have had lenders call me begging me to buy 30-60 days after I told them to pound sand.[ Edited by ICGPROPERTIES on Date 01/15/2008 ]