[Mark Wimmer]

Mark Wimmer

I purchased a property with cash and closed in a land trust to prevent a seasoning issue from coming up when I sell it.

I know when buying sub-to I would make the seller the beneficiary and also have them sign an assignment of beneficial interest to myself.

However in this cash purchase I made my corporation the beneficiary, so I did not use the assignment.

Am I at greater risk of being called on seasioning because I did it this way?

How would you do this?

Thanks

Mark

[Anonymous]

Anonymous

Anytime there is a change of title within 3 – 6 months of selling it could bec ome more difficult to find a lender wh will finance because of seasoning.
Who the beneficiary is won’t matter. How you name the land trust could help – if the previous owner’s name is in the trust.

If you’re working with a GOOD mortgage broker, they can almost always find a lender who will close the deal, even if you’ve only woned it a month or so.

So, the key is the mortgage broker.

[Mark Wimmer]

Mark Wimmer

Thanks for the clarification.

mark

[Mark Wimmer]

Mark Wimmer

Jackie,

One more thing, In the circumstance above I am the creator of the trust. I had the seller deed the property to the trust. Some people make the seller the creator. Does it matter who is the creator of the trust?

mark