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    honjude's Avatar
    honjude Posts: 1, Reputation: 1
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    #1

    Nov 5, 2007, 11:43 PM
    Selling contract to purchase
    I have an opportunity to buy a condo below market value. Rather than "eat up" potential profits in mortgage closing costs, I'm wondering if I can sell the contract to purchase or sell to someone in a way that will not require paying closing costs to buy and then closing costs to resell it. Any ideas? If so, any tips about doing it well?

    Apparently my question wasn't worded well because the first 2 answers were relatively irrelevant. Let's try again. I understand what mortgage closing costs are.

    I'm wondering if it is possible to sell the contract so that I never close, but someone else who bought the contract from me does. I haven't yet entered the contract, so I could write in something about the right to sell the contract. Or, I've heard some about simultaneous closings and could use some good guidance... does this type of closing require my financing the property?
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
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    #2

    Nov 6, 2007, 03:58 AM
    Never go into a real estate deal without following all proper procedures. It is a recipe for disaster.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #3

    Nov 6, 2007, 07:36 AM
    Closing costs are imposed mostly by the mortgage lender. Some other closing costs involve Title search and insurance fees, recording fees and taxes on the sale of the property.

    If you do not pay these fees, you will be in trouble.
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
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    #4

    Nov 6, 2007, 01:47 PM
    Honjube, you have misconceptions of our forum. You have been given advice by ScottGem, who is a very good advisor.

    I get the impression that you want to circumvent the system to get what you want out of this realestate deal.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #5

    Nov 6, 2007, 07:05 PM
    May I call your attention to the guidelines for using the comments feature found here:

    https://www.askmehelpdesk.com/feedba...ure-24951.html
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #6

    Nov 6, 2007, 07:43 PM
    Hello hon:

    If I understand your question correctly, yes, it is possible to have a simultaneous closing - yours and your buyers.

    I don't know if you can sell your purchase contract, but you can certainly enter into a new purchase and sales agreement, with the closing at the same place and at the same time as yours.

    You had better be pretty quick on your feet, though.

    excon
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