Bank Wants Signed HUD
Short sale was approved after lenghty and difficult negotiations. I have a buyer ready to close in about a week. Problem is bank wants, with the payoff check, a final, signed hud. Title company closer says they don't do double closings.
Any suggestions? :-?
Find a different title company or an attorney to handle the closing!
what is the reason that some title companies will double close and others won't.
When doing a double close. does it mean double closing charges?
TIA
So, close your short sale with this title company, then go to another one on next day to close with your buyer.
you can only fund the 1st transaction with the proceeds fm the 2nd transaction when both closings take place the same business day. There will also be chain of title issues if you do not do a simultaneous close.
Yes you do need to find a different title company.
Every title company is different. Some don't do double closings; some do. Double closings are slighly more difficult and less common. There is no real way to answer the question of why a title company wouldn't do a double closing.
Some title company's view simultaneous closings as a property flip, which they view as against a "ruling", not a law, and they don't want to risk being entangled. It's defensive real estate, based on incomplete knowledge. Seasoning issues are in the forefront of some title/mortgage companies heads. They are afraid. Simultaneous closings can are done regularly by title co's/lawyers. Find one that understands.
Contact a local RE club in your area or a large area near to you and find out where the title companies that do "doubles" are.
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