Can I List A Property On MLS I Have Not Closed On?
Hi,
I have signed an agreement of sale and closing is in about 30 days. I got it under $30k the market value and I want to sell it right away.
My question is whether I can put my property on the MLS (Flat Fee Listing) now, before my closing date? But only actually close it after my first closing.
If so, is it possible to have a simultaneous closing, where I buy the property from the seller and then turn around and sell it to the buyer I have a contract with?
Please advise....
I guess not.....
That might be true, but I have worked for a bank in their COmmercial RE lending group and I have seen some of our clients acutally find a buyer for a property they have under contract and before they close. They then had a "Couble Escrow" where they actually bought and sold the property in the same closing.
He did not use the MLS, but ****This URL Not allowed**** instead.
So I know this is possible since there are a lot of tittle companies doing double escrows....[ Edited by MSRED on Date 03/06/2005 ]
i have listed via a realtor a property that I had under contract to buy. I had not closed the deal yet and was looking for a double closing. In the remarks that only the realtors see, the agent noted that I was the contract vendee or something like that.
I stand corrected. It was my understanding that nothing prevented you from marketing the property, but I thought that realtors, and MLS listings were for owners only.
My bad!
As a matter of fact, I ve been researching this since I first posted, and you are allowed to lsit in the MLS. You do not need a realtor to do it, there are plenty of Flat Fee Listing companies out there allowing you to list your property in the MLS.
I called two of them and explained the situation and they both said they did not care.....
Also, my understanding is that double escrows are not legal in several states. SO please make sure it is legal in the state you are in. BUT, if you are planning on closing your sale AFTER your initial closing, then there is no double escrow and there is nothing illegal about this.
As long as the contract you signed with the SELLER does not specifically prohibit you, the BUYER, to list the property BEFORE you possess fee simple tittle to the property, there are no problems.
You can list it "Subject to seller obtaining title."
I am interested as well. Are there any seasoned investors out there who would be willing to share their knowledge?
Thanks in advance :-D
come on I know some people must know about cap rates just some quick details please.
WOW , great thanks for info. 1 more question as investors what are some of the typical cap rates? I own 1 duplex at a cap rate of 9% a condo at 9.5 % bad good or indiffrent I would like to know and thanks for the info.