Home Selling in Detroit>Question Details

Bankboy, Home Seller in Detroit, MI

Does any one know of a title company that will do double closings in Metro Detroit, MI area?

Asked by Bankboy, Detroit, MI Fri May 8, 2009

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3
BEST ANSWER
Try CBS Title @ 586-574-1500
Good luck!
Tamara Smith
Associate Broker
Coldwell Banker Schweitzer
tamara@realtortamara.con
0 votes Thank Flag Link Fri May 8, 2009
It depends on what you are trying to do. If you are talking about two separate transactions with 2 warranty deeds, each paying transfer taxes and no bank involved, possibly. The issue you run into with double-closings is when there is a bank involved there is generally a seasoning issue. Even if your end buyer is going to take out a mortgage, their funding bank may want to see 60 to 90 days of ownership. Also, that bank may require an arm's-lenght transaction meaning the parties can not be related in any way. While you can buy a house for x amount of dollars, if you turn and sell it for more than x amount of dollars the same day it seems to me the end buyer is either a fool or the transaction stinks of possible fraud. Although these types of transactions were popular several years ago, you will be hard pressed to find a title agency that can or will insure it.
0 votes Thank Flag Link Fri Feb 18, 2011
What do you mean by a, "double closing?" Are you asking about a, "split closing," where the buyer and seller have separate title companies?
Web Reference: http://DoorToDreams.com
0 votes Thank Flag Link Fri May 8, 2009
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