Hi,
I have a few questions on title transfering during short sale process?
1, Does it help to transfer the Warrentee Deed here in Georgia from the seller to the a LLC then do the short sale to help with title seasoning.
2, Should you put the deed in escorw while working on the short sale
3, should you put the property into a landtrust before working on the short sale.
4, Should we put the deed into a landtrust at closing?
If you are not the end buyer, convert to land trust with owner as trustee. Then have him sign over 100% beneficial interest to you and record the deed. There is no seasoning issue as the ownership has not changed hands and there is no tax as there was no sale. Good luck
If the owner falls for this, he’s not very bright as he just signed away his rights to the home.
The trustee has ZERO rights and can only do with the property what the beneficiary directs him/her to do.
Talk about getting a home no money down! Great gig if you can make it work, AND stay out of jail long enough to enjoy the “fruits” of your labor.
I agree with VetteBoy. Being that you are in GA (fraud state) it probably wouldn’t work for you but a double close is the cleanest way to do these. Stay with using a purchase contract and if need be use a memorandum of contract with it. You can record the memorandum with the county so that no other liens are attached to the property before the transaction has closed. It still locks the homeowner into the deal with you - just be sure you are able to close or flip it before you consider this.
Tranferring the property into a landtrust means it is not insured.
Just keep your nose clean (so to speak). It’s not worth possibly
All that seems totally unecessary if the owner has already agreed to list the property subject to approval of short sale. The buyer need only submit a purchase agreement. Does the buyer anticipate competition for his bid?