Closing Short Sale Deals
How does everyone close their deals?
Over the past 2 years I have been putting properties into trusts and double closing them but the headaches are getting unbearable. Attorneys, lenders, realtors and buyers all seem to be tightening up-making for extremely tedious double closings.
How does everyone close their respective short sales in todays market?
-cash them out?
-hard money?
-lease option?
-conventional mortgage?
I literally just finished a closing here in NY with a short sale. We had just one closing. The trust conveyed out to the end buyer but they filed the transfer tax returns for the beneficial interest conveyance simultaneously. The attorney generated a separate HUD-1 for the beneficial transfer at the short sale price.
I just have the Land trust sell to the end buy. Then use that money to pay the bank off. That way you have no title issue to deal with.
Can someone please walk me thru on how would you set up up the land trust as the owner and then sell to the end buyer???
Thanks!