I have negotiated a short sale for $59,000 and have it sold for $75,000. My buyer is having some issues obtaining financing and can’t close by the pay off date of 12/15/2006. I really don’t want to go back to the bank and ask for another extension since I have already asked for 3 extensions and I am afraid they will ask for a per diem or take the $59,000 off the table.
I have a money partner that can fund this deal by 12/15/06. Should I fund the deal and transfer the property to a land trust? Will this help keep the title seasoning in tact for my buyer’s lender? Any advice would be greatly appreciated.