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Ken
real estate investor
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Short sales with no cash
Friday, June 06 2008 03:00 PM
I am looking for a title company that will do a double closing
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Jim Hughes
Investor
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Re:Short sales with no cash
Saturday, August 09 2008 04:08 AM
Ken,
I think it would be advisable to secure an attorney that knows this process first. The attorney that is an agent for the title company will be able to execute this type of transaction.
If you need an attorney for the Fox Valley area i will be glad to refer him.
Jim Hughes
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shortsalenvstor
RE Investor
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Re:Re:Short sales with no cash
Monday, December 21 2009 02:44 AM
I have been reading about using land trusts to flip short sales.
I have read that it will help in avoiding the seller seasoning issues for the B-C closing.
I would do a back to back closing A-B, B-C
A=seller, B=buyer(me the investor), C=end buyer (person I sell the property to).
I am confused on how the land trust would get around the seasoning issues. I have told that a deed would need to be filed at the time that I sign contract to buy the property. This helps to get around any seasoning issues that may arise for the C buyers funding.
Is the property being deeded into the land trust? How would the lender that holds the note that would be approving the short sale feel about the deed being transferred? This is where I get confused.
I understand the back to back closing, but not the component of the land trust, and what steps are necessar to flip the short sale with the involvement of a land trust. I am just now learning about land trusts. From what I have gained, its the way to go.
Any advise would be much appreciated.
Also for the gentleman asking about a good title company for back to back closings "Clear Title" is a nationwide title company that understands, or "gets it".
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Randy Hughes
Master Advisor-39 years of experience
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Re:Re:Re:Short sales with no cash
Monday, December 21 2009 09:29 AM
R.E. Investor,
PLEASE SEE MY COMMENTS IN BOLD BELOW.
RANDY
I have been reading about using land trusts to flip short sales.
I have read that it will help in avoiding the seller seasoning issues for the B-C closing.
I would do a back to back closing A-B, B-C
A=seller, B=buyer(me the investor), C=end buyer (person I sell the property to).
I am confused on how the land trust would get around the seasoning issues. I have told that a deed would need to be filed at the time that I sign contract to buy the property. This helps to get around any seasoning issues that may arise for the C buyers funding. YES, A DEED INTO THE LAND TRUST.
Is the property being deeded into the land trust? YES
How would the lender that holds the note that would be approving the short sale feel about the deed being transferred? This is where I get confused. THEY WOULD NOT BE AWARE OF THIS DEED.
I understand the back to back closing, but not the component of the land trust, and what steps are necessar to flip the short sale with the involvement of a land trust. I am just now learning about land trusts. From what I have gained, its the way to go. YOU NEED TO STUDY AND LEARN ALL YOU CAN SO YOU ARE THE "LOCAL EXPERT" IN LAND TRUSTS. THIS WILL GIVE YOU A HUGE COMPETITIVE EDGE.
Any advise would be much appreciated.
Also for the gentleman asking about a good title company for back to back closings "Clear Title" is a nationwide title company that understands, or "gets it". OK, THANKS FOR THIS INFORMATION.
Randy Hughes
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shortsalenvstor
RE Investor
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Re:Re:Re:Re:Short sales with no cash
Monday, December 21 2009 01:09 PM
Does the Land Trust Kit explain in full how to go about deeding he property into the land trust?
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Randy Hughes
Master Advisor-39 years of experience
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Re:Re:Re:Re:Re:Short sales with no cash
Monday, December 21 2009 01:36 PM
Yes,
Randy Hughes
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