Hello Friends:
I just wanted to post what I believe is an alarming trend that may affect your bottom line. It seems that a lot, actually 99.95% of my fellow attorneys are unwilling to do double closings! Since the government is applying pressure on the mortgage industry underwriting policies and procedures, most attorneys do not think the appearance of creativity in regards to closings, is worth the risk.
The amazing thing to me is that even if funds from the first position deal aren't used, they still won't facilitate the closing, and suggest you wait for a couple of days to 2 weeks to schedule a closing! You maybe saying that what does a few days or 2 weeks between closings accomplish? Actually nothing!
So what do you do? An easy fix, is to have someone waiting in the wings not only to purchase the property, but to add, with your name of course on the release of info document that you fax to the bank at the beginning of the process. After, you negotiate the short sale you let them close on the deal and you get cashed out later!
