Cash Sell Question.
what happens if I buy a house for cash from a bank and an hour later, sell it for cash.
Will I get the title on the spot or have to wait for them to send in the mail?
what fees are involved?
Could everything be done in one day?
Quote:what happens if I buy a house for cash from a bank and an hour later, sell it for cash. It appears that you make a profit.
Quote:Will I get the title on the spot or have to wait for them to send in the mail? No. Your settlement agent (attorney or title company) will prepare the deeds, obtain the proper signatures, then record the deeds. Usually, the county registrar of deeds will mail you a copy of the recorded deed, or your settlement attorney will receive the recorded deed and forward it to you.
Quote:what fees are involved?Settlement fees will include title search, title policy, attorney fee, recording fees, and prorated property taxes. Whether you are paying these as the buyer or the seller depends upon your written purchase agreement and your local practice.
Quote:Could everything be done in one day?Yes, if everything is ready to go and everyone has had time to prepare.
Thanks....very helpful !