First Attempt On Simultaneous Close
I have a seller in pre-foreclosure her current mortgage balance is 87k w/ fees and atty. costs. the ARV is about 120k. (the seller wants nothing other than to get rid of the house). I am in FL so the seller gets a chance to appear before the judge to state their intent and request an extension of the foreclousre date. I usually get 60 days for them. I wanted to get a contract on this house in my name and then resell within the 60 day extension period and do a simultaneous close....where as I have no out of pocket expenses....can anyone offer any helpful hints or pitfalls I may run into other than the obvious one..not being able to sell the house in the 60 day period....I'm nervous!...I know it is done allthe time...I just never have done one...
Thanks for you input
Select your closing attorney, title company, and a mortgage broker who will understand, and work together to close this deal for you.
Then, steer your Customer to the mortgage broker and title agency.
The more you leave to chance... the more likely that your deal will fall apart at the closing table.
given the facts as you state them I'd get the seller to quit claim, re-instate the first and file the deed. Now you don't need to worry about simultaneous closings.