What do you guys think about the idea of creating holding entities, like a trust or an LLC, and then selling the entitiy on terms to the T/B, instead of selling the house on terms to the occupant. This way, it’s a commercial transaction since you’re selling a company to the other individual rather than a house. You could stipulate in the sale contract of the company that the buyer does not have authority to encumber the assets of the company in any way untill the debt has been paid so that you could protect the deed, and then if the T/B failed to make payment, you could file a forceable detainer suit right away, without all of the BS notices and requirements for trustee sales, etc. What do you think?
U think this would eliminate red tape during repossession?
I have read your post and am undecided how it could benefit. I am assuming that you want to go to small claim court to file the eviction. One problem is that the buyer may claim that it is actually a suit for the total dollar amount of the company and ask for a change of venue to a distric court where you both will spend time and money fighting it out. You will eventually probably win but at what cost.
I am trying to equate it to selling a day care or donut shop and I just do not see the same company like atributes.
Post the topic on other forums too and see what comes up. You have a very interesting idea.
Hope my questions have sparked further interest in other members here too.
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737