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Questions on closing techniques for preforeclosures

Posted by Karen on February 09, 2004 at 8:09 AM

Hello,

Since studying preforeclosures, I have had many people tell me what they believe is the best way to close on a transaction, and now I am confused. The best, so I have heard, is to do a "sandwich close" with the new buyer. I have talked with MANY title companies and lawyers in Indiana and they just don't do this anymore b/c of issues with loan fraud - even though we have been told that it isn't illegal. Others tell me to get a line of credit, close with the bank on the first side of the transaction, and then close on the other side w/ a new buyer. And still others say to use private money to fund the deal and then close with the new buyer.

The sandwich close appears to have the least amount of liability to me b/c it keeps me out of the chain of title and noone sees how much money I am making, but I have yet to find a title company that will do this, and I am anxious to get started.

Here are my questions: What closing technique(s) do most other investors who are regularly doing preforeclosures use to close out their transactions? I want to use (like everyone else I'm sure) the one that has the least amount of liability and at the same time is the easiest to close! The more complicated it gets with these title companies - the more likely that something will go wrong!

Thank you for your time and valuable input!

Karen


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