I guess it did not struck me at first yesterday, I was discussing with a fellow friend, another Phoenix Loan Officer like myself and she was stating that she was working in her words a "contingency chain". I asked her to shed some light on this and she explained this in a nutshell. Customer "A" is paying for Purchaser "B's" home but should market his property first, client "B" is paying for buyer "C's" house but needs to close on the sale of his home to Buyer "A", buyer "C" is purchasing client "D's" house but must close on the sale of his property to Buyer "B."
So if you are like me you will have to return and re read this particular sentence a couple times to completely comprehend it. In this case my fellow loan officer buddy is performing the loans for most of these transactions, and she mentioned that this was the most efficient process of performing the contingent on sale kind transactions. She can make sure that she could dig in and ensure there wasn't going to be any snags on the funding for ANY of the debtors, since if someone was to drop the ball on one of the financial loans the whole thing may potentially falter.
I am not fully very sure, but something should be happening in our market as I moved back to my workplace to evaluate our current transactions and we've Two of similar kind of transactions, not necessarily that a lot of contingent on sale deals together but we've two separate consumers who've decided "hey, we can earn some cash on our house that we bought a couple years ago, why not roll that into a new purchase". What an outstanding concept right?
Here is where the option could get a bit tricky.... It's best that you ensure WELL ahead of time that your phoenix loan officer can perform with all of the potential problems you can have. By having this dialogue well ahead of time, you could ensure that you will not end up homeless for a few days. When the funds to close or the cash which it requires to close the brand new investment come from the sale of your own current residence you may run into a snag with your recent lender. I say you MAY simply because all lenders are a little bit different... Mainly because that cash to close isn't yet in your account you would be wise to have your Phoenix Loan Officer check with their underwriter on whether or not they will take an expected HUD with a sales agreement of the property you are offering and enable you to have docs to the title business on your new purchase.
From here, it's ideal that you work with the same title firm on the sale of your property together with the acquisition of the brand new property that way you do not need to bother about the wire from the sale taking a too long to have another title corporation for your purchase, which can make a serious chaos. This is something your broker should help you synchronize, if you do not have an excellent realtor to coordinate a negotiate speak to me now and I can get you introduced to a couple top rated agents who have a success rate with these kinds of financial transactions, your real estate staff MATTERS.
Again, contingent on sale deals require a bit more competence, in case you think your loan officer has problems with yours I'm here to assist you navigate and coach them through it.
So if you are like me you will have to return and re read this particular sentence a couple times to completely comprehend it. In this case my fellow loan officer buddy is performing the loans for most of these transactions, and she mentioned that this was the most efficient process of performing the contingent on sale kind transactions. She can make sure that she could dig in and ensure there wasn't going to be any snags on the funding for ANY of the debtors, since if someone was to drop the ball on one of the financial loans the whole thing may potentially falter.
I am not fully very sure, but something should be happening in our market as I moved back to my workplace to evaluate our current transactions and we've Two of similar kind of transactions, not necessarily that a lot of contingent on sale deals together but we've two separate consumers who've decided "hey, we can earn some cash on our house that we bought a couple years ago, why not roll that into a new purchase". What an outstanding concept right?
Here is where the option could get a bit tricky.... It's best that you ensure WELL ahead of time that your phoenix loan officer can perform with all of the potential problems you can have. By having this dialogue well ahead of time, you could ensure that you will not end up homeless for a few days. When the funds to close or the cash which it requires to close the brand new investment come from the sale of your own current residence you may run into a snag with your recent lender. I say you MAY simply because all lenders are a little bit different... Mainly because that cash to close isn't yet in your account you would be wise to have your Phoenix Loan Officer check with their underwriter on whether or not they will take an expected HUD with a sales agreement of the property you are offering and enable you to have docs to the title business on your new purchase.
From here, it's ideal that you work with the same title firm on the sale of your property together with the acquisition of the brand new property that way you do not need to bother about the wire from the sale taking a too long to have another title corporation for your purchase, which can make a serious chaos. This is something your broker should help you synchronize, if you do not have an excellent realtor to coordinate a negotiate speak to me now and I can get you introduced to a couple top rated agents who have a success rate with these kinds of financial transactions, your real estate staff MATTERS.
Again, contingent on sale deals require a bit more competence, in case you think your loan officer has problems with yours I'm here to assist you navigate and coach them through it.
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