Shortsales Landtrust And Seasoning Of Title
I know this is a question you get answered constantly and I am a little confused about the process as how it relates to short sale but how does one set up a landtrust to keep seasoning from the previous homeowner intact. I have a shortsale deal approved that I am going to flip to an end buyer in a double closing.
I know how to setup a landtrust just confused at this point because the lender approved my LLC for sale and not a landtrust.
Here the structure
Seller fred to xyz company
xyz company to drft buyer
I already have the short sale approved and Its approved to my company not a landtrust, I am also worrying about the end buyer bank lookig at title and not seeing my company as a vested owner in chain of title or would it matter. I have a deed from the buyer to my LLC but not one from my buyer to a landtrust. Should i start a landtrust and name it after my llc to keep seasoning intact from the first seller who bought the property in foreclosure.
I mean the title company understands double closing as a has performed I just a little shook to do it the old fashion way in this climate. Lenders are looking at title these days. Well some are.
What should I instruct the title company to do if I decide to put the property in a landtrust. Also should I make LLC a beneficiary or just the original seller a beneficiary in this newly created land trust and my self the trustee where the beneficial interest get assigned to.
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