Selling A L/O? Need Help
If I L/O a home from a seller for say 60k for 24mos. and turn around and L/O to a T/B for 70k for 18mos and they follow through with the purchase in 18 mos. how would I go about closing on the property due to seasoning? Since I would not be able to refi the property myself.
Have not done it either but YOU buy/close at the same time YOUR BUYER buys/closes. You need an investor savvy title company to help with this, but it is referred to as a "double close"
The other poster is right in that you would do it where buyer/seller are separate.
The other way is to bring everyone in and sign. Problem with that is that the seller thinks they are getting a good deal and the buyer thinks they are getting a good. HOWEVER, put them together at close where everybody sees how much everyone is paying/getting, well, not good.
I would not put my family in a war zone for any amount of money...keep looking... with all that will transpire in the next year you will run into a good deal...also look into subject-to and get the deed ... this is a painless way to enter RE investing...regards, CWal
I agree with CWAL. Why subject you and your family to that environment when there are easier and better and less costly ways to make money in real estate?
The properties are located in Macon, GA
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Have you taken them to a lender (or broker who uses such lenders) who will treat it as a refi? Call some brokers and ask around. If you are pleased with them, go ahead and sell via a wrap (All Inclusive Trust Deed) with a one-year balloon. They should have no trouble getting financed after a year on title.
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They may not want to pay another fee.
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Thanks for the input. I know they do not want to pay another fee. I am going to offer the wrap. How do you suggest that I structure that I have never done one before?
Thank you so much for the info. I am going to sugest this to them and see how it goes. Would you record the all inclusive deed of trust and If I do will this trigger the due on sale clause?