Dealing with Mortgage companies and Title companie
Should any money come out of my pocket do to a double closing?
I have a shortsale deal that is close to approval for 70,000 dollars, plus closing cost of 2,000 dollars plus second lien of $2000 and a realtor fee of 4200. Sidenote the mortgage company made me list the property. I have a buyer who signed a contract for 92,000 dollars. I plan to do a double closing and I have a title company that will perform this transaction. However I think the mortgage company that might approve me needs a proof of funds statement. How much does it cost to borrow 75,000 dollars for 3 months. I say this because my buyer might have lender seasoning issues. I haven't ask but I am taking precautions. Just in case there is a problem with the closing. Oooh yeah the property is in foreclosure. Any help informing me on how to navigate this matter would be gladly appreciated.
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