Land Trust Question.
I am working on a short sale.
Original loan amount 150k
Bank is looking and more than likely accept 37k offer
I have new buyer for 80k.
I have the paperwork ready for a land trust (if need be). I/my company are the trustee. Now can i make the new buyer the trustee.
New buyer pay me 80k
Trustee (me) pay bank 37k and make the new buyer trustee and back myself out?
Does that work that way?
Any legal problems?
Any helpful Hints?
Thanks
Original loan amount 150k
Bank is looking and more than likely accept 37k offer
I have new buyer for 80k.
I have the paperwork ready for a land trust (if need be). I/my company are the trustee. Now can i make the new buyer the trustee.
New buyer pay me 80k
Trustee (me) pay bank 37k and make the new buyer trustee and back myself out?
Does that work that way?
Any legal problems?
Any helpful Hints?
Thanks
Comments(0)
Wow, what happened to the property for the bank to be thinking about 37k?
They are regulated mostly by states.
search around.
Look up his license number and file a complaint.