What Are Three Party Closings In Real Estate

Moving property as quickly as possible is one of the ways you can make money in real estate. Jumping from one home to another often leads to a double closing situation.

What are Three Party Closings In Real Estate?

The buyer and seller are the two parties involved in traditional home sales. It is possible for you to run into a situation where there are actually three parties involved. This can occur when you are dealing with a real estate investor. The situation essentially involves a flip of the home by your investor. Try to take a closer look.

What if you list your home for a certain price and accept an offer from a real estate investor? The truth is, the investor is not interested in owning our property. Making a profit as quickly as possible is what they are after instead. Another thing they want to do is move it as soon as possible to free up cash so they can invest in other properties. If they are particularly good at their job, they will often find another party to buy the home from them while they are still in escrow with you! This is where we get the three party closing.

Highly dependent upon the situation are the specifics of how three party closings occur. Since the third party purchasing the property from your buyer will often submit the funds for payment of your contract, it doesn't matter how it is done. This essentially turns the investor into a middleman who is collecting a fee and profit for doing practically nothing. That being said, you will actually do two separate escrows with two completely separate sets of documents. If you are the seller, then your transaction is the only thing you would have to deal with.

There are definite downsides to three party closings. Obviously, the more parties involved, the more chance there is something will go wrong. Making lenders nervous is another thing that three party closings can do. Most of the time, there is actually a bigger problem.

Being a seller also means that you want to get the top price for your home. The fact that you did not get the best price is what you are confronted with in a three party closing. Moreover, you agreed to such a low price that the investor was able to flip the house immediately for a profit. In this situation, the result could be a serious seller's remorse. If you try to pull out of the deal, you can get into litigation and so on.

Being the seller means that there is not much you can do about a three party closing. Just try not to get to disillusioned about the situation.

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How To Sell Your Home Effectively With Great Content On Ads And Brochures

In real estate market, selling your home requires a bit of marketing effort. You want great ads and brochures in your marketing arsenal. So, what do you put in you're marketing materials?

What Content Should You Use?

When creating your advertisement, you want to create it with pith. Remember this cardinal rule - a classified ad always would have less content than a poster, a poster will always have less content than a brochure, and a brochure would always have less content than an Internet listing. But at the end of the day, your ad or brochure should have all the key information in there with only a modicum of detritus at the very most.

In general, people want to know what type home is being offered (single family house, townhouse, condo, etc.), how many bedrooms and baths it has, its general location, and the price. Obviously, you also need to include contact information so potential buyers know how to reach you.

If your ad or brochure has the space, you may want to employ the stratagem of describing in detail the features of the house that made it such a great buy when you purchased it.

Is it in its location?

The view, perhaps?

Peaceful, serene neighborhood?

A specific school district for the children or yourself?

Cavernous storage space?

A wide enough garage for three cars?

Ceiling altitude?

Architectural motif?

Complete entertainment facilities?

A beautiful garden?

Come on. Don't be ashamed to let people know about what inveigled you to buy that home instead of the others that were on the market.

Word of warning from the wise. Do not "oversell" your home by putting too much hype on the best features. You cannot expect to close a sale with somebody who is set up for disappointment unintentionally just because you had overstated a few key features that you mentioned in your ad or brochure. Given what we have just said, you would not want to use overly florid language - a small farm pond is not "waterfront property", and a plain Jane apartment that happens to have windows on an air shaft is not a "capacious city domicile with a great view of the city."

If There Are No Pictures, It Didn't Happen

Color photographs of your piece of real estate must be made available if necessary. When selling real estate, a picture really can be worth a thousand words.

Be generous when taking photographs of your home. Take them from typical angles and from unusual ones, too. Cameras often like odd angles. Photos that show three walls very often seem to reduce the size of the room visually. This is where those peculiar angles would come in - try showing only two walls with a slightly or extremely askew corner. Utilize different angles when taking multiple pictures in one room. A living room, for instance, may be captured featuring the fireplace, or featuring the window area. You want to make that first impression last, so take good photos of your house, and take a lot of them.

Obviously, marketing is one of the key factors in selling a home. If you conceptualize it (the marketing scheme, that is), they (the buyers) will come.

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