I know that banks don't like selling properties to investors that flip their homes, but I know that it is possible to do. As a real estate wholesaler, I'm finding it very hard to find a lawyer that know how to work a deal out creatively, where I get my assignment fee, ( if it's an assignable contract) or profit from a double closing.
Divorce / Separation Lawyer
Depends on the wording of the contract if it is assignable. If not then you can try to schedule both closings at the same time. Speak with an experienced local real estate lawyer to assist you.
If this answer is helpful, then please mark the helpful button. If this is the best answer, then please indicate it. Thanks. For further information you should see an attorney and discuss the matter completely. If you are in the New York City area, then you can reach me during normal business hours at 718 329 9500 or www.mynewyorkcitylawyer.com.
1 lawyer agrees
Real Estate Attorney
It depends on the terms of the contract and whether it has a prohibition against assignment. It also depends on your buyer's status. Whether he is an all cash buyer or getting a loan. Most lenders today will not make a loan on a property where the seller has not been in title for at least six months. If you do not plan on taking possession and doing improvements before selling this will be a difficult deal to complete. It is not impossible to "flip" a property but the days where you buy and sell the same proerty simultaneously or without going into title and without laying out more than your down payment are pretty much over. There are a lot of variables and a lot of planning that would have to take place to make it happen
This e-mail may contain confidential or privileged information. If you are not the intended recipient, please notify the sender immediately by return e-mail and delete this e-mail and all copies and attachments. If you are not the intended recipient, or the employee or agent responsible for delivering the message to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. IRS Circular 230 Notice: Unless specifically stated otherwise, any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Unless specifically stated otherwise, this communication shall not be deemed to be legal or tax advice, and no attorney-client relationship shall be deemed to have been created.