Kaller Triple Lendee Close ??
Listening to Jeff Kaller how to leave your job in 90 days. On the 7th CD, he talks about his triple lendee close. I do not understand the middle close. He uses this technique for a SS.
First close is the recording of the warranty deed to trustee from the original seller to Jeff as trustee. He makes up the HUD for the Bank using his own software. It is Subject 2 existing financing.
Second close he just changes trustee's but keeps the Smith Family Trust. He records a deed for this and he uses his own software to create the HUD.
Third close is from the Smith Family Trust to the end retail buyer. HEre he has a "normal" close.
He says that the second close is "the fat in the middle". Jeff is not great at explaining, but I think the idea is to elevate the price with the second close so that there is not a great spread between the original seller and the end buyer.
Anyone have any ideas or thoughts? Would the end buyer's lender ever ask for a HUD1? Do you record a deed to change a trustee? Do you show real value when you records a warranty deed to trustee?
Brenda
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