SS - Getting Paid Without A Double Close
I have a SS house worth 93k retail, in good shape, the bank will take around 75k. This house is out of my area and I do not want to keep it. There is not enough room in this for me to make money and have a double close.
So ..... if I run an ad in the newspaper for CASH QUICK CLOSE, and sell only to a cash buyer (no financing contingencies) and have them buy the house directly from the lender - how can I get paid? I can not show up on the HUD1, but can I have the buyer put money in escrow with instructions for release to me after the close?
Brenda
We know that your fee, call it an assignment fee, a bird-dog fee, whatever, can't be paid from proceeds of sale.
They should be paid by the end-buyer... in cash, to either You, as a finder's fee, or to your LLC as a membership buy-in.
If you didn't want to do the LLC thing (my vehicle of choice), such that the LLC is the named purchaser... you could simply proceed as a co-buyer on the contract, and a co-owner on the deed... and accept $$$$ to issue a quit claim deed to the co-buyer/end buyer.
[addsig]
SSP, I currently in the same situation as Brenda. I do have a couple of questions though: if you have a homebuyer make an offer, how do you explain why you are going to be on their deed? I know the answer is so that I get paid, but I can see something non-conventional like this spooking a potential homeowner. What kind of document do you use that says for $XXX I will quitclaim my interest to you?
I gotta get your manual, but I've gotta get through this deal first :0D
Mary