I’ve been doing short sales and getting the deed to the properties. I’m hearing now that it looks suspicious and other (untrained people) people might see it as fraud. Are u guys doing assignments or land trust (someone please explain how these work) or what else is there? I need advice on how to structure my short sales.
I use to never get the deed and now I grab it as fast as I can. Make sure you dont break any laws by having the borrower sign away title too quickly.
Doesn’t mean I record it… I just have it and depending on your state laws having it may be enough in most situations… I grab it typically as a blank grantee in case I want to use it for resell…
If I believe the property is a FHA resell financing candidate then I like recording it in a trust name using the property address as trust name.
BTW I also have a memorandum of contract notarized as well and a Assignment of Beneficial Interest of Insurance Proceeds
It all depends on the deal for me. I don’t get the deed if I am working with a Realtor referral. Sometimes I will when I am working direct with the seller.
I didn’t know short sales has some ethical or social point of view. Thanks to everyone for Sharing. I’m learning everyday.