Simultaneous Closings?
I am Shawn Bloyd from Illinois. I recently have become quite interested in learning about the legality issue facing the use of Simultaneous closings in the state of Illinois. If there is anyone familiar with the law regarding this issue, I would be pleased to hear their feedback.
Shawn G. Bloyd
There are tons of topics on this, not sure about Illinois but essentially it is legal as long as it does not involve an FHA loan or any govt loan.
Go to the forum search and type in "double closing" or simultaneous closing and you will tons of info.
The Solutions Kid
[addsig]
I sincerely appreciate your valuable feedback. Thanks
Shawn
Shawn,
I am a mortgage broker in Illinois, and currently researching this same issue for one of my investor clients. Private message me, and maybe we can help each other get to the bottom of it. I did do a double closing about 3 years ago, but that was a while ago, and things may have changed since.[ Edited by mortgageman on Date 10/16/2003 ]
Dear Mortgageman,
I appreciate your feedback. I have recently been working alongside an attorney that was at first very unfamiliar with the issue of Simultaneous Closings, but was familiar, of course, with using seller financing to transact deals. From what I understand at this point is that supposedly simultaneous closings are legal if done properly but are well within the gray area of the law. The gray area is as to whether or not the note investor is actually lending money, which would require licensing, or buying an existing note. This is where the seasoning issue come into play. If I obtain any more information I will be happy to update you and for you likewise. Once again, I appreciate your valuable feedback and maybe together we can get to the bottom of this.
Shawn G. Bloyd
Bloyd42:
the issue here is one of timing and willingness.
I have done several "simultaneous" closings(on parcels) and have learned the hard way that the key to getting it done is to find a good escrow company who is willing to work for you. Once you have established the relationship, you can proceed with setting up the 1)Purchase and 2)Close-fund. The escrow will coordinate it for you. I had one very reputable CA escrow co (named for a BIG city in Illinois) grudgingly do one after raking me over the coals for a day or so, (the seller's RE agent as well) and informing me that they just had a big escrow officers conference re: liability issues and not doing double escrows.............and another two just as reputable escrow/title cos happy to cooperate. hang in there, you'll get it done!!
Ben