Depends on what type of simultaneous closing you are talking about, one is done all the time as Tricia mentioned earlier. Where a person sells their current property to a different buyer in an arms length transaction, then uses the proceeds from that to close on a different property, or if there are no proceeds they are then qualified to enter into another mortgage by paying off the old one. If you are meaning that you buy and immediately sell a piece of property, or flip it, before you really own it, then that is an entirely different animal. In fact I think that technically it is impossible to do as the owner of record does not exist until the deed is recorded. Does that mean it does not happen? No. In fact the practice of "flipping" can be illegal. But that simply means I do not participate in these types of transactions. There is another possibility of selling or assigning a contract, but that is too legal for me to provide any advice as I am not an attorney.

JB,
Most Realtors at some time or another have to arrange the sale of the sellers home on the same day they purchase their new home. Occupancy should be negotiated in the contract so there wont be any misunderstanding at closing. If the seller needs the proceeds from his home to purchase the other home he needs be make sure the funds are available. Most banks have a waiting period before releasing funds from a deposited check. There are solutions to this problem please check with the closing attorney.

Tricia Winter
Rector Hayden Realtors
(859) 321-7133
triciawinter@insightbb.com