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Land Trust + REO Does NOT = Avoid Seasoning!

DerrickAli profile photo
  • Tuesday, November 11, 2003 @ 01:35 PM EST
  • 0 Comments

ALL:

I got this via PM thught I'd share it with you Guys and Gals...

I hope it Helps!

Derrick

Quote:

On 2003-11-10 23:13, quinn wrote:
Hi DerrickAli,
<br>I've been told that you are the authority on land trusts and I may need your help.
<br>
<br>I'm closing on a REO at the end of the month, my broker told me that because of seasoning issues that I can't turn around and sell it immediately. I posed this problem to the board and got a response about putting the house in a land trust. Then I was told to ask you.
<br>
<br>Ok, my question is this:
<br>1. Will putting the house in a land trust right after closing allow me to be able to sell it quicker?
<br>2. If so, how?
<br>3. If it is a solution, could you please walk me through it?
<br>
<br>Thank you for taking the time to read my questions and possibly help me out.
<br>
<br>Quinn


And MY REPLY:

Quinn:

Nice to meet you buyt SORRY mad

A Land trust won't CURE nor help you to avoid seasoning issues b/c yourproperty is an REO and this is the REAL BIG issue....

If you were buying from the PFL owner before or after the auction (if your State has a redemption period) then the Land Trust could solve your problem but not so after the bank has it.

Your SECOND ISSUE is that...

YOU NEED to LOCATE a capable mortgage Broker with NO-SEASONING LENDERS Whom Can Assist you in srelling to Prospective Buyers!

There are plenty of them rght here on TCI who can point you in the right direction!

I hope this Helps!


Derrick cool grin

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