charing cloisng document fees twice

Started by WendyM5 • 3 replies • 76 views

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WendyM5 (North Carolina)
Posts: 1,522

Posted:

There are several real estate companies that will buy a sellers home and then give them the money upfront to go shop for their new home. Once they find a buyer for the old home they sell it again .This results in 2 sales about a month apart. I've never ran into this before. Are you typically charging them twice for closing docs?

Any issues that this crazy arrangement tends to cause?

vis ta vie

CathyA3 (Ohio)
Posts: 6,299

Posted:

Who do you think would be charged twice?

According to the info provided by one company active in my area, once they buy the home from the original owner, then they own it and are free to do whatever they want with it, including renting it or selling it to a new homeowner. It's basically a flip. The original owner has no interest in that second transaction and wouldn't be charged for it unless they really didn't read any fine print that says they would be. News like this would get out and would put the kibosh on this as a business model and would be a stupid move on the part of the company if it wants to stay in business.

(Cathy's Rules for Life #11: never underestimate people's tendency to sign contracts without reading them.)

DeanJ
Posts: 1,786

Posted:

Quote:

Posted By WendyM5 on 04/03/2025 7:53 PM
There are several real estate companies that will buy a sellers home and then give them the money upfront to go shop for their new home. Once they find a buyer for the old home they sell it again .This results in 2 sales about a month apart. I've never ran into this before. Are you typically charging them twice for closing docs?

Any issues that this crazy arrangement tends to cause?

Yes, you are charging for any fees associated with the sale of the property x the number of sales regardless it the time period is 30 days or 30 years.

ElleN (Idaho)
Posts: 1,338

Posted:

Closing documents can and do change over the course of 30 days. Of course the fee should be charged twice.

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