Land Trust-Beneficiary Approach In Wholesaling/Shortsaling Properties
Hi everyone:
Food for thought. I LOST MY FIRST DEAL! 
No title company wanted to do a double closing in Chicago without letting the lendor know the whole transaction. Thats kind of silly cause my deal was a short sale deal.Why would the lender allow me to make my profits while I negotiate to buy from them at a cheaper price?
Anyway, I was suggested that I should create a land trust and make myself the beneficiary of this trust. How is that going to help in anyway to act as a middle person and sell the deal for cash to an end buyer? Please advise.
Assigning the deal would of been easier for you. Why double close just assign.
Also, I use land trust in order to move property without going through a title company. By assignment beneficial interest.
You need to find a title company that will do a double...
And none of them are going to defraud the lender...
At issue is the prelim, which shows the seller. There isn’t a real way around it...
You could sign a TIC agreement with the seller which should not mess up the seasoning and run the transaction that way... Doing so gives you and the seller security that everyone will get paid...email me if you need that agreement.
Also you could have the seller sign the purchase agreement with the buyer, since your name isn’t on the contract and put an invoice into escrow for the amount of your proceeds.
The key here is to never let the lender know you are the seller. And the title companies should not have an issue doing it this way since it is passing from the seller to the buyer. This doesn’t afford you a lot of protection.
The only other issue is that you may be acting as a real estate agent without a license. Which is why I like the TIC agreement.
Good Luck
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IBUY,
What is a TIC Agreement?. I thought in a short sale, there is basically no way around buying to property outright. I have never heard of the method you are suggesting.,
Sorry I didnt see the short sale....I guess I am getting old... Where are my glasses anyway?
That sucks doesnt it? Maybe you should have brought someone in with the cash to purchase and then resale it so its not a double.. It would have cost a little but you would have made more than you did.
And TIC tenants in common..
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