HELP WITH DOUBLE CLOSING!!
I have a MLS listed foreclosed condo under contract. I want to do a double closing with a retail buyer. Will I have to show funds to close with the bank? And can the retail buyer buy with a conv. loan?[ Edited by serrico on Date 04/21/2003 ]
Also, when you're doing a dual close, are there dual closing cost? 1 cost for ea. close? or is it up to the lawyer handling the close?
Serico- yes, you will need to show proof of funds if using cash, or a loan prequalification letter if financing. Yes, the retail buyer can use a conventional loan, but their lender will require an official appraisal of the property, usually done by an appraiser of their choosing.
Pbodys- yes, there are 2 sets of closing costs. However, depending on the title company, some will take those costs out of your profits, meaning you won't need that money initially. Or, you can contract that the seller pays closing, and the retail buyer pays closing, and adjust contract prices (or not) accordingly.
~Ryan
you have to shop around for the title company. Just keep in ind that you should not pay for the title policy becasue you are only holding the property for 5 minutes. It is the buyer that has to pay for that once.
So that would be a good question when shopping for title companies ...