Doing back to back closings requires intense financial and legal coordination between a great number of people. There will be three buyers and sellers, two agents, two or three attorneys, an appraiser, loan officer, contractor and a home inspector. The concept is to sell a house and buy one on the same day. You close the deal on your old house in the morning, take the wired funds and wire them onward to close on the house you want to buy.
Do you or does someone you know need legal information regarding back-to-back closings? Our real estate lawyers are here to help. Contact a real estate attorney in your area today for more information.
Before you even begin to contemplate a back to back closing, get hold of an attorney and find out more about this method and related procedures, as listed below:
There are modifications that can be used for flipping properties, so that the same house is bought and sold and you pocket the sale price difference. It is a complicated process and the closing fees and other charges alone may make the whole deal unfeasible, unless you can get the other seller and buyer to pay the closing costs and fees.
The ideal way to get through a back to back closing without any hassles is to hire a single attorney to handle both closings. There will be no scope for the HUD or wire delays between two separate teams that causes havoc on closing day. Make sure you are not part of a scheme that violates RESPA regulations.
Do you have additional questions regarding back-to-back closings? Our real estate attorneys are here to assist you throughout the process and answer any questions you may have. Contact a real estate lawyer near you today.
Did you know?
Transactional Funding can be used to facilitate back to back closings.
If you are willing to pay a fee for use of funds for 24 hours, you can get transactional funding to buy your new home, move out of your old home, close the deal and pay back the transactional funding.