BEGIN BLINK SCRIPT

As part of our Temporary Seller Financing strategy, a simultaneous closing works like this: 

In dealing with a simultaneous closing, the person selling their property can carry the note or take back the note on the property and then sell the note at the same time they close on the sale of the property. Thus they sell the property and the note at virtually the same time.

Why Use A Simultaneous Closing?

There are times when a property may not sell quickly for one reason or another. But most sellers, if asked whether they would consider using owner financing to help sell the property, will give one or both of the following responses as to why they are not interested in carrying owner financing: 

A simultaneous closing will eliminate both of these objections. 

How Does It Work?

To structure a simultaneous closing, there are three key elements:

The actual purchase of the note generally occurs two or three days after the sale of the property. During that time, the funding source verifies the specifics of the closing and sale of the property. Once the closing has been verified, the funding source will either wire the money to the seller or send them a check for the note. The simultaneous closing process works with residential or commercial properties.

What Are The Advantages of A Simultaneous Closing?

A realtor may lose several sales a year because a buyer cannot qualify. Using owner financing, the qualifying parameters are more flexible than conventional financing. A buyer that might not qualify for a loan using conventional financing will qualify easier for owner financing — the box is bigger — resulting in a sale for the realtor or home owner. It will be easier for someone to sell their property because the qualifying criteria makes it easier for the buyer to qualify. 

Closing costs using owner financing are considerably less than using conventional financing. The only true costs are a credit check, appraisal and title work. There will be some other minor costs such as documentary stamps. On a percentage basis, the closing costs are considerably less. There are never any points charged whether it is a residential or commercial property.

Who Can Use A Simultaneous Closing?

Any buyer or seller can work with Eldorado Capital Resources to set up a simultaneous closing. A realtor is not required, but if a realtor is involved, he still makes his normal commission. In fact, the realtor will frequently make more commission than through conventional financing because of lower costs and higher sales prices. 

Legalities

As a certified cash flow specialist, Eldorado Capital Resources cannot work with with BOTH the seller and the buyer to structure a simultaneous closing. We can, however, talk to EITHER the seller or the buyer and show them how a simultaneous closing should be structured. The end result will be the same — an easier way for a buyer to get into a property.

For More Information . . .

Fill out the form below and we'll contact you regarding the property you are interested in buying or selling.