Re: Double Closings

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Re: Double Closings
Posted by Jerry - Ca. on April 04, 2008 at 3:57 PM
In Reply to: Re: Double Closings posted by Jerry - Ca. on April 04, 2008 at 3:47 PM
: : I am running into problems finding a title company that will perform double closings on short sale transactions when there is conventional financing for the end buyer. Does anyone know of a title/escrow company that will do a simultaneous close without disclosing to the end buyer's lender?
: : Is buying with my own funds and then selling in a separate transaction the only way??? There's got to be way around this but Im not having any luck talking to any of my contacts.....Help
: XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
: FF:
: On Short Sales I understand that it is considered Bank Fraud to do double/simultaneous closings. That's probably why you're having trouble with Escrow Companies and Title Insurance Companies!
: The only legal way that I know of to do this ... is to put the property in a Title Holding Land Trust with the Seller/Settlor Beneficiary owning 100% of the Beneficiary Interest. Then have yourself,
: End-Buyer, and a Private money Lender or Hard Money Lender (HML) added to the trust as Co-Beneficiaries. Use the Private/HML money to pay-off settlor loan, on the HUD1 the Trust is named the BUYER.
: Once the closing for the loan is finished, continue with the next closing with the Trust as the seller ... and escrow pays the HML, the seller, and you as Beneficiaries! Of course, the HML is going
: to want some very high interest points for this one-day loan! There will be no problem with Escrow Officers, Title Insurance Co., Lenders, or Loan Seasoning Issues.
: Jerry-Ca.
XXXXXXXXXXXXXXXXXXXXXXXXXXX
I made a mistake above ... "Use the Private/HML money to pay-off settlor loan, on the HUD1 the Trust is named the Buyer." It should have been Buyer on HUD1 for loan pay-off and Seller on HUD1 to End-Buyer!
Jerry - Ca.

Follow Ups:

Re: Double Closing Funding Ty 12:16 AM, 05/01/08 (9)

Re: Double Closing Funding Gary Horton 5:17 PM, 02/26/10 (1)

Re: Double Closing Funding anthony V 2:36 PM, 03/03/10 (0)

Re: Double Closing Funding theCashProvided.com 3:22 PM, 01/26/09 (2)

Re: Double Closing Funding Ty 1:14 PM, 03/11/09 (0)

Re: Double Closing Funding Ty 1:13 PM, 03/11/09 (0)

Re: Double Closing Funding Ty 5:26 PM, 07/08/08 (2)

Re: Double Closing Funding Flash Funder 11:32 PM, 11/19/08 (1)

Re: Double Closing Funding Flipant. 6:18 PM, 03/19/09 (0)

Re: Double Closing Funding James 6:04 AM, 06/14/08 (0)

Re: Double Closings Micah 9:00 PM, 04/25/08 (2)

Re: Double Closings Jerry - Ca. 10:02 AM, 04/26/08 (0)

Re: Double Closings Jerry - Ca. 9:55 AM, 04/26/08 (0)

Re: Double Closings SC 0:25 AM, 04/06/08 (3)

Re: Double Closings Jerry - Ca. 2:42 PM, 04/06/08 (0)

Re: Double Closings Jerry - Ca. 11:26 AM, 04/06/08 (1)

Re: Double Closings al 1:35 PM, 11/18/08 (0)

Post a Followup:

Name : E-Mail : Subject :
Comments: : : : I am running into problems finding a title company that will perform double closings on short sale transactions when there is conventional financing for the end buyer. Does anyone know of a title/escrow company that will do a simultaneous close without disclosing to the end buyer's lender? : : : Is buying with my own funds and then selling in a separate transaction the only way??? There's got to be way around this but Im not having any luck talking to any of my contacts.....Help : : XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX : : FF: : : On Short Sales I understand that it is considered Bank Fraud to do double/simultaneous closings. That's probably why you're having trouble with Escrow Companies and Title Insurance Companies! : : The only legal way that I know of to do this ... is to put the property in a Title Holding Land Trust with the Seller/Settlor Beneficiary owning 100% of the Beneficiary Interest. Then have yourself, : : End-Buyer, and a Private money Lender or Hard Money Lender (HML) added to the trust as Co-Beneficiaries. Use the Private/HML money to pay-off settlor loan, on the HUD1 the Trust is named the BUYER. : : Once the closing for the loan is finished, continue with the next closing with the Trust as the seller ... and escrow pays the HML, the seller, and you as Beneficiaries! Of course, the HML is going : : to want some very high interest points for this one-day loan! There will be no problem with Escrow Officers, Title Insurance Co., Lenders, or Loan Seasoning Issues. : : Jerry-Ca. : XXXXXXXXXXXXXXXXXXXXXXXXXXX : I made a mistake above ... "Use the Private/HML money to pay-off settlor loan, on the HUD1 the Trust is named the Buyer." It should have been Buyer on HUD1 for loan pay-off and Seller on HUD1 to End-Buyer! : Jerry - Ca.

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