just signed a contract how to approach my realtor with doing a simutaneous closing with my end buyer

does not need to know that you're doing a simultaneous close. All the agent needs to know is that you are closing on the property. If you tell your agent, they're going to freak out. You need to tell your title company that you will be doing a simultaneous closing. You need to find a friendly title company that does simultaneous closings. Try Chicago Title or Old School Title.

KimmyJ
Press on...

i was planning on leaving all the details up to the agent as far as setting up a title company. i mean that is what she gets paids for and frees up my time for finding deals
as well im in oklahoma city havent heard of either of those companies in the city.
also the house was foreclosure from fannie mae should i not even let the agent know i plan to pass this on to another buyer as wholesale.
although if it does not happen i do have funds available for purchase myself

as you can see IM A NEWBIE IN NEED OF INFO

www.oldschooltitle.com/

Talk to Marc Karyo and he will set you up with a proper closing.

thanks so much for the info

i will ckeck it out

It's important to have a great title company and/or RE attorney on your team. Ones that know what they're doing and have or are willing to do all the creative techniques that we as investors will use. They can take care of all these details for you. While you want your agent on the same page, i agree with Kimmy that they don't need to know all the details (I probably wouldn't have them lining these up for me, though). Let them do what THEY are good at. Every team member is important.

Good luck on your deals!

Rina

P.S. Are you in Peru now??

yes we are our agent called just a few days after i got here(my wife came early) and said the offer was accepted and sent me all the contracts to sign and we emailed back to her. i will have to get with someone from the rei group in okc and find a title company to take care of that thank you so much for your help

DEAN

p.s. i do need to get a team together

i still need to find out what all team i need

Congratulations on your offer being accepted. Can you run the numbers for us?

KimmyJ
Press on...

as for the numbers as i am new i guess you would be looking as to see if it is a good deal ? well the house is in very good condition , very little work needed on the inside paint clean the carpet replace 3 cieling fans light fixture in dinning and bath just a couple tiles to replace in utility (stick down type) very popular style. the ac is reallly the only major concern. new vinyl siding good roof detach garage in very good shape. very nice landscape in a very nice quite neighborhood with over 10 houses selling in the last 6- 8 mo. ranging from 65000 - 95000

arv 85000+-
repairs of 10000+-
purchase 50%+- of fmv

thanks for the encouagement
DELIGHT YOURSELF IN THE LORD AND HE WILL GIVE YOU THE DESIRES OF YOUR HEART!!!!!!!!!!!PSALMS 37:4

It appears you already recieved some great advice. As other have indicated a good title company and a real estate attorney can guide you through for a smooth process. The great thing is once you complete one, the future deals will be that much easier. Good luck on this potential deal and all your future deals. Believe and Achieve! - Joe

www.okcreia.com should give you some good contacts for a closing company.

joe thank you for the encouagement as i have read many of your post i greatly appreciate the words

luke yes i do plan to ckeck there as soon as we get back to the city the meeting there have been great

HAVE FAITH IN HIM THAT IS THE GIVER OF ALL GOOD THINGS
OUR FATHER IN HEAVEN

Do you really NEED a RE Attorney to close deals, they're so expensive? If he is doing an assignment, which I think he said he was, can he recieve his 'assignment fee' at closing or before? What works best in most situations, before or at closing? Thanks.

When you fill out the Purchase Agreement, you will be putting a closing date, and a place (even if you put "buyer's choice"), which will probably be at a bank, title company, or RE attorney's office. I would definitely have a RE attorney or title company (depending on the state) lined up to do the closing. Keeps it a lot neater. Of course, it depends on what your end buyer wants to do (that's why it might be good to put "buyer's choice" in your contract.
I like to get paid my assignment fee before-hand. Included in my "assignment contract" is the amount I will be paid. The investor will write you a check totally separate from closing. The purchase and HUD-1 settlement statement will reflect the deal originally locked up and whatever closing costs your new buyer has. You do not have to be at closing. You are no longer part of the deal. You have your money and can talk to your accountant on how to claim that $ as income.
I have not had to deal with a non-cash buyer with assignments yet, so getting paid early has not been a problem. If you happen to have a buyer that is getting financing, you may need to include your fee in closing. Not sure how that works yet, but will cross that path when I get there. As with any answer, I can only give from my own experience. Hope that helped some.

Rina

Is there another way to include the assignment document with out a set fee? I think I am over thinking this and confusing myself. Thank you. Mary-Ellen