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Author Topic: With the land trust, who is the seller?  (Read 2317 times)

Offline obiwan1250

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With the land trust, who is the seller?
« on: January 18, 2009, 03:17:02 pm »
If the current pre-foreclosure owner executes a Quit Claim or Warranty Deed, to put the property into a trust, and if the Investor is the trustee of the trust, when you make an offer to purchase the property from the seller (the one that you're going to send in with the SS package), who would be the seller?   

Do you put the name of the title holder of record PRIOR to the conveyance into the trust, or is it the Trust that the investor is making the offer to?   I know that ultimately, the Trust will sell the property to a retail buyer (once the buyer is found), but at the time when the SS package is submitted to the lender, someone or some entity has to appear on the Offer to Buy as the seller.   

Any help would be appreciated ...

Offline obiwan1250

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Re: With the land trust, who is the seller?
« Reply #1 on: January 19, 2009, 04:32:21 pm »
As I understand it:
1. Quit Claim deed.
- Yes, that's the plan. 

2. If you plan to flip the property, then you should get the necessary documents and record your "option" with the County.

- I do plan to "flip the property", but I expect to do so with a land trust, naming the owners as 100% beneficiaries and then having the owners assign their beneficial interest to me prior to closing. 


3. In making an offer to the bank, the person facing Foreclosure would be the seller as that is the person on record with the bank.

-- Well, I'm really not making an offer to the bank.  I'm making an offer to the party who holds title to the property.  I'd be reaching a settlement on the debt owed, so that the bank would release their lien, but the bank doesn't own the property.  It's a PRE-foreclosure. 

This other idea, of recording an option to purchase I don't understand so how can I search the Blog entries for more info on this?   
There is an excellent guide somewhere in these pages about how to deal with the bank without first taking title in your own/trust's  name

 




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