All Forum Posts by: Account Closed

Thank you very much, everyone. The replies have been nothing short of incredible. Scott, awesome input, and thank you. I will have the end buyer use my closing agent.

Thanks for the replies. No, I wasn't intending to order title insurance for him.

Hi, Justin. The property is located in Bristol, PA.

Good morning, everyone. Thanks, Will. My contract doesn't have the assignment language in it, and it doesn't prohibit an assignment either. Can I still assign it?

Thank you, Scott. I'm truly leaning towards an assignment of contract. However, I have several other potential buyers checking out the property as well. I will present the assignment idea to him though. Thanks again!

Thank you so much, everyone! Rob, I truly haven't considered the assignment. Perhaps I'll do an assignment of contract.

Thanks, D.L. The seller is my relative, who is in Florida. The contract between us indicates that I'll be purchasing the home to pay the liens off. Upon that happening, I'll be flipping it to my end buyer. Yeah, this potential buyer's explanation really puzzled me. I can see it being an issue if he were attempting to get such financing, but this isn't the case, as he claims he can pay all cash - very puzzling.

Hello, everyone. Well, I've discussed with a potential buyer that I'll be doing a double closing, meaning the A-B settlement, then the B-C settlement. I told him that I'll close with the seller first using private funds, then close with him. I also told him that I'd prefer that he uses my title company. He said he's a cash buyer, but his concern is when he rehabs and resells the property that FHA funding for his buyer would be difficult because it will be revealed that the deed was transferred to me then to him during the double close. Mind you, he's not obtaining FHA funding, but he says that most likely his end buyer will after he fixes up the place. Am I baffling anyone? Well, I'm quite confused as I don't see why my flipping a property to him would give his end buyer difficulty with obtaining financing after he rehabs the house, which will take about 2.5 months. In addition, he suggested that he enters a purchase agreement with the seller, my relative, voiding my contract with her, then he'll cut a check to me reflecting the proceeds.

Feedback???

I've ordered title work on a property I'll be doing a double close on. Upon speaking to a potential buyer about title work already being conducted, he mentioned that he would have to order title work too. If he's using my title company, why would it be necessary for him to order title work?

Thanks, everyone! Well, this situation is a bit unique as it's an estate sale between my relative and me. The executrix, who is my relative, put everything in my care as she had to return to her home state. She's still the personal rep, but I have the say-so as to whom I would resell this property to. Everything's documented accordingly. I picked the attorney that we would handle the transaction with, however he's traditional in the sense to say that he's not familiar with double closings. I've decided to deal with a title company instead as we have to beat the clock since we have a tax sale pending on the estate and have to pay a few debts off.