Simultaneous Closing - Could This Work?

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Posted by Hugh James on June 10, 2001 at 15:10:35:

I've run out of ideas on this until the bulb flashed on last night and I thought maybe this could work as a simultaneous close.

Mom & Dad own two unit property plus a garden apartment free and clear. Needs decorating and updating. In a very gentrifying area of Chicago. Appraised as is value is $315,000.

Son lives in garden apartment and Mom & Dad want to sell to him for $200,000. He works for Home Depot and does cash side jobs. Wife is homemaker.

Son has no money, mid to high 500s scores, so he's C credit. (No BK, just consumer lates and carge offs.) Current rents will come close to paying projected mortgage.

Can this fly strictly on LTV of less than 65%? All input appreciated.

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