More Double Escrow Alternative Funding Questions & Answers
Wendy:
I am glad you are interested in double escrows. This is how it works.
- You create a transaction that needs to close the same day. Hopefully you do it in double escrow.
- If that is not possible, we provide you double escrow alternative funding.
- Our funding is for one day only. No more than 24 hours.
- This money is used to complete the aquisition part of the transaction.
- Now that you are the owner you re-sale the transaction in your re-sale escrow.
- If needed we can connect you with expert escrow services specialized in this type of operation.
- We charge three points.
Let me know if you have any such transactions. My phone number is 971-222-3734. I look forward to doing business with you.
Sincerely,
Oscar
This entry was posted on August 18th, 2008 at 8:07 am and is filed under Articles. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
August 23rd, 2008 at 10:01 pm
Oscar, when doing double escrows with short sales are you using trust to take title? if not how are you getting around seasoning issues? are you using options? or are you selling only to buyers who are paying cash? do you have a nation-wide title company who will close these? we have over 600 active short sales in our company in 8 states, it seems if most title companies are scared of these types of transactions?
your thoughts are appreciated.
Derek
derek@livefreeinvestmentgroup.com
http://www.LiveFreeInvestmentGroup.com
October 29th, 2008 at 4:11 pm
Derek,
I think you could accomplish the same goal using an option contract to double close your short sales to conventional end buyers. The process would go like this:
The homeowner would complete and give you all the normal short sale paperwork along with an option contract for what you would want to purchase the property for from the lender(s).
A pocket listing would be generated from your Realtor to the homeowner and kept in your file if the lender ever asks if the property is listed!
You record your option
You package, propose, and negotiate the short sale with the lender(s)
You influence the BPO and follow up so you can gauge where it will land
You then create an active listing between you and your Realtor for an amount higher than your expected BPO but still under full market value! The key here is to wholetail the property to an end buyer that actually wants to live in the property.
You then get your escrow company on board to double close your short sale
You get an acceptance letter from the lender(s)
You use the second leg of your transaction to fund the first (this can be done with non-FHA conventional financing) as long as your escrow company has the proper paperwork to facilitate the double closing. Sometimes you may need a one day “bridge” loan to satisfy an “ownership” requirement from some major lenders.
I hope this helps and feel free to contact me anytime for any advice on short sales!
Cody
cody@sellquickforcash.com
http://www.SellQuickForCash.com
P.S. Your company http://www.LiveFreeInvestmentGroup.com is awesome and I would highly recommend any investors in Arizona to check them out!