It's been a while since I've last post anything on here but as per usual I am here when in need for sound advice as this is the best online forum to ask questions in this business. I currently have a property under contract and it's in relatively good condition minus a few things that may need to be addressed which isn't more than $5k worth of work IF that. I have a buyer that wants to buy it from me top dollar with an FHA loan. I know that I could close this deal using a double closing with a transactional funding lender but of course I'd like to minimize my fees. I thought about using a release agreement and charging the Buyer for me to release the property to them considering my efforts in negotiating the on the home, locating the property and any repairs I may need to make to help the property p*** inspection for FHA loan. This would prevent me from dealing with paying any closing costs versus paying two sets of closing cost for a simultaneous (double) closing. I just never done this with a buyer using a bank loan and wanted to know if anyone has successfully used this strategy before. I wouldn't want to go into the deal with the wrong method of closing. If I need to do a double close and pay the fees I will, I would just prefer to milk this thing as much as possible, naturally. Any input provided would be greatly appreciated.
First, you can not do a double close with an fha buyer.....the fha buyer can’t even contract with you within 90 days of you taking title.
If the fha buyer is willing and able to pay your fee above their down payment and closing costs, then they could that.....but that is usually doubtful with an fha buyer.
@Wayne Brooks isprobably correct in the fact that they won't have more money to bring. Lots of people go FHA as they have little money to put down.