Simulataneous Closings

[JBINSC]

Can Someone Give Me Some Advice On Having 2 Closings For A Property I L/o.

I Have Had Good Luck With Dual Closings If The Buyer Has Good Credit And They Go To Regular Lender But If The Have To Go To The Secondary Market To Get The Loan They Want To See At Least 12 Months On The Title.

How Can I Get Around This? Is There Something I Should Do Up Front

Let Me Know. Thanks

[Just Information]

So that I understand you correctly you have a property that you did a lease option purchase with your customer.

Correct - Yes or NO

How long is your LOP?

How does your customer pay you? Not amount! Not monthly! But the actual form of payment.

Also my understanding is you want to get around the 12 month LOP seasoning requirement!

Correct - Yes or NO

[JBINSC]

Did A 5 Yr L/o On A Property From An Owner Living Out Of State. Someone Came Along And Offered To Outright Buy It. I Have A 17k Spread From The Get Go And Just Want To Take The Cash.

Yes I Wnat To Get Around The 12 Month Seasoning

[Just Information]

Sorry for net getting back to you Glen as I have been teaching an REI class.

I do not under stand why you are overtaken by the seasoning issue. Are you telling me that all lenders in your location have a 12-month seasoning and that no one else will finance?

Does your customer have good credit or not?

Have they applied for a loan?

Do they have a down payment?

How long have you had the LO property?

My friend you have to help me out a little on this, please understand I am unable to tell you what to do as you are making me take wild guess at what you should do and this is not the best guidance.

This is confusing as I have dealt with second and third market lending and most that I found are not strict on seasoning issues as primary lenders are more sensitive towards this issue.

I am not really busting your chops, I just can not see into your mind, but I will say that it looks like you are making this simple property transfer more difficult than necessary.