Simultaneous Closing
I have a contract that was accepted for $74,000. The property is worth $150,000. All it needs is about $5,000 in work. I have a buyer to purchase it at $130,000. How do I do a simultaneous closing. 
I have a contract that was accepted for $74,000. The property is worth $150,000. All it needs is about $5,000 in work. I have a buyer to purchase it at $130,000. How do I do a simultaneous closing.
Some lenders are getting picky about flips. Make sure your buyers lender does not care how long you have owned. Also Hud houses are a proplem to flip.
Take both contracts to the title company and tell them what you are doing. I have done several and it all worked out. There could be problems if you seller finds out how much you are making and if your buyer finds out how much extra he is paying. Try to keep them apart.
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr[ Edited by Tedjr on Date 12/26/2003 ]
An experienced title co. does these all the time, and never divulges or discusses with any party what the other parites are doing.
It would not only be highly unprofessional, it would also be unethical and might cause them to be held legally liable.
What kind of contract do I draw up with the person I'm selling the house to for the $130,000. And how do I make sure they close the same time I'm closing with the bank for the $74,000. If they don't close should I have the cashiers check ready to close with the $74,000 so I don't lose the contact with the bank.