Simultaneous Close.. Finding A Title Company
I currently have a property under contract and am set to close on Jan 14. I have put an ad in the paper and put out flyers looking for a buyer. So far I have recieved 10 calls on the the ad. If I find a buyer who will close on the 14th what should I know about doing a simultaneous close? I live in Northern Nevada. I guess I will start calling title companys and asking if they can help me. I plan to arrange financing so that if I cannot find a buyer I will not lose the deal.
So any suggestions would be great, this is my first post, I own some out of state rentals but this is my first attempt at a flip.
Thanks for your help. :-D
I approach the Title Company in doing an "Open title close for me".
[addsig]
If you can't find a title co. in your area, try LV, NV.
There are many title cos. in "Lost Wages" that have the experience and expertise to handle a double or triple closing. No Problemo!
Could you be more specific on
"Open title close for me".
thanks for your help
Yes, open title close works like this.
The title company leaves the title open by first having your buyer come in and closes your transaction and than you and the seller closes your deal using your buyers proceeds.
If you need more information than this just repost.
[addsig]
Why don't you just look up all of the "We Buy Houses Fast" people in the Real-Estate wanted section of the paper and call of them and see if they're interested? :-D
If you had some investors interested early enough, you could simply flip the note well before the closing and not bother with a simultaneous closing. You're much better off doing that. Use the inspection period (typically 14 working days) to find an investor and say you'll run the numbers by your "associates", and if it works, its a go. If not, you can simply walk away. Its all in how you set up the deal and the conract itself. It may be different from state to state however. Put very little down, say $100 dollars and keep it with your escrow agent to cover your bases as well.
If the property is actually bank owned & I made an offer through the listing agent how would I go about flipping the note in a situation like this?
Zack, as several have mentioned just call the local title companies and explain what you want to do. I am a new investor at SC/double closing and it took me a while, you know researching and asking questions about the same thing and only getting vague responses. Title companies want your business, ask them about open title closings, SC or double closings they will advise ASAP. Also banks will finance unseasoned property if you meet with them in person, try Wells Fargo they want your business!! Good luck.