Let me pose this to the group. Want to know what you think. Hypothetically The investor who is walking me thru this placed the HO’s home in a land trust before getting a contract to purchase. He is able to do this because he gains their trust which is very important in working a short sale. Because he placed it in a land trust and has a CYA doc as well explaingin to the HO what he is doing, He is able to control the price without having the HO worry every night about the pirce. Thought it was a slightly different strategy then the order I understood it to be in:
- Letter of authorization to release info.
- Purchase & Sales contract
- put the home in land trust
- bank list to prove HO lifestyle worksheet.
His style:
- Letter of authorization to release info.
- put the home in land trust
3 Purchase & Sales contract
- bank list to prove HO lifestyle worksheet.
not sure I understand the question.
by the looks of it he got the same things done as you would but just in a different order.
I presume they were all signed at the same time and relevatnt paperwork notatrized.
The HO didnt care how much his house sold for. That was why we put it into a Land Contract first. We explained to the HO that it is easier for us to talk to the bank and he still didnt care about the price. This means that the trustee is now the one that can sign the Purcahse contract instead of the HO and dont need to wait to get the HO to sign another copy. Just a little more efficieient, what do you think?
seem a long road for a short cut.
take the deed into trust , they sign a P&S and youir good to go.
As for negotiating use the correct wording in the contract and your good to go.
You still didnt get it.
We put it in a land trust first.
Next we told the Mortgage co what we have the contract for. THe HO at this point is out of the picture completely. They dont need to sign the Purchase and Sale contract because duh, its in the land trust. THe trustee gets to make the decision whether or not he wants to have a contract. LOL. get it!!!
Thought it was an intersting twist wo having to go back to the HO and talk him into signing a contract with us.
THink about it long and hard and email me.
If you are still confuse let me know.
not confused at all.
But let me ask yout his.
the debtors have now put deed in to a trust.
the trustee needs to sign contract with the new buyer right.
tell me how you can show the mitigator a certified HUD without the profit ?
you should have a P&S with yout debtor going to you as trustee then you sign the P&S with your end buyer from trustee.
that way it will show as two transactions and you can take the profit between the to contracts.
the other way you might find your deal shut down.
just my thoughts. keep it clean.