Double End Close?

I have a new house that is being built right now and will be done in DEC. I have been in contract for over a year @ 1.1 million. The model is selling now @ 1.6. I am being relocated to a new state for my job. I have a 25K deposit on the house and want to know if there is a way to capitalize on the equity in the house. I have heard of a DOUBLE END CLOSE...where I can bring in a buyer say @ 1.4 and have them close on my original close date and take the difference between 1.4 and 1.1. IS THIS POSSIBLE?

Comments(3)

  • IBuyHousesInc12th September, 2005

    It depends a lot on your contrat with the builder. A lot of new contruction builders have a clause in their contracts that doent allow you to resale the property within 12 months and doesnt allow you to market the property.. I would ask the sales rep to make sure youre doing everything legally...

    Good Luck.

  • BBagnall16th November, 2005

    You could also check for an assignment clause. I doubt there would be one in there, but it is still worth a shot.

  • BBagnall16th November, 2005

    Since nobody from MI responded, I will respond.

    In Illinois, the absolute cheapest you can get it listed is for 2.5% + $500. The basically gets you only the listing in the MLS (or similiar). You have to do all of the work from there (showings, etc.).

    Good luck.

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