Highest bidder sale, does the option need to be in the name of a trust

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  • Michelle Kasper
    June 10, 2008 at 8:46 am
    Michelle Kasper

    Hello, for all of you who have done highest bidder sales in the past I was just wondering if when I put on option on the home it should be in the name of a trust. The people that buy the home will need to pay all cash or use conventional financing. I just want to make sure that I set it up right so that the bank does not deny funding.

    Jackie, I was just wondering if your highest bidder material is still for sale? I went to the website but it would not let me purchase the material.

    Any suggestions are greatly appreciated.

    Have a great day,
    Michelle

    Anonymous
    June 10, 2008 at 9:01 am
    Anonymous

    Michelle,

    There are 2 ways you can do a highest bidder sale. One is to sell the house to the highest bidder who gets a new loan or pays cash.

    But the other is easier and more effective these days — and that’s to offer the home for sale with owner financing and sell to the person with the highest down payments.

    There’s no need to use a trust but you should use an entity for the option.

    I’m in the process of redoing http://www.highestbiddersale.com — if you want to use it I can set you up with an account for free. – just give me a call at 972-496-6032

    Jackie

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