Need Help!!! DOUBLE CLOSING

Comments(6)

• 
  way_motivated27th May, 2003

  what you need your title company (or attorney) to perform is a simultaneous closing, they need to use the funds from the buyer to pay the seller [ Edited by way_motivated on Date 05/27/2003 ]

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  chancedomel27th May, 2003

  That was the origial plan, however full disclosure has to occur which is'nt a option. Is it possible to do a back to back closing with end buyer first then the seller second. If not, what is the best way to get this deal done.

• 
  hibby7627th May, 2003

  Hard money to the rescue.
  
  Use hard money, buy it, and pay back the hard money lender the same day.
  
  Pay him $500 or so (rather than his points plus percentage, as it will probably be cheaper that way).

• 
  KP28th May, 2003

  It seems as though you have gotten yourself in a pickle. I'm afraid to ask why full disclosure is not an option but I'd venture a guess that that is why ou are in this situation. I may be naive but I would try to tell the seller that you are seling right away and try to set up the simultaneous closing. Otherwise I would contact the title co./ closing lawyer and see what they say. It may be possible to get them to help you bridge the gap somehow legally.
  In any event all this could be avoided if you put an investor's clause in your contract that says that you are taking/buying this property "for short term or long term gain". this sets the stage for success rather than distress. I hope you make this deal and please keep us posted as to what happens.
  [addsig]

• 
  RALPHN50429th May, 2003

  I suggest you call the closing attorney and tell him or change closing attorney-one that will do the dual closing without the hassle!

• 
  rajwarrior30th May, 2003

  Without the hassle?? You mean one that will do it illegally?
  
  There's no hassle here. You must have the funds to close the 1st deal BEFORE the 2nd. (Sorry can't close the 2nd deal 1st)
  
  You need to quickly reschedule for a later date, and give yourself time to work this thing out.
  
  With the exception of hibby and KP, you've only received token advice with little knowledge. Here is a link to post on double closings: How common are Double Escrows?? Maybe this will help.
  
  It any rate, you definitely need to postpone this thing until it is worked out, or you'll be in worse trouble than you are now.
  
  Good luck,
  
  Roger