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Anyone have any experience, advice or thoughts regarding the purchase of a REO from a large national lender and asking the lender or just including in the purchase offer/agreement that the lender first transfer the property to a land trust, the lender would select their trustee and the lender would be the beneficiary of the land trust. The lender would then sell us their beneficial interest in the land trust and simultaneously the current trustee would resign and we would select a new trustee of our choosing.
After we purchase the property, our objective is to sell the property as soon as possible for a higher price but with the current market as it is we have to assume this may happen after the closing so we may/will have to hold the property a while prior to selling it (which I hope will be less than four months). There are several benefits of using the land trust but three important objectives for us of using the land trust are, (i) eliminating the possibility of seasoning issues for our buyer when we sell, (ii) privacy, no public record of us owning the property when we buy/own/sell and (iii) keeping the purchase price off the radar screen when we buy.
Assuming I have described the land trust process above, correctly (and if I have not please correct me) would a large national lender be willing to go the land trust route above? How should I go about this? Or is it just wishful thinking on my part? Any help is most appreciated.
Thank you
I don’t think it would fly — and why educate them on any kind of “creative” real estate techniques. It could raise a red flag for every Land trust out there.
If you find a really creative mortgage broker, then seasoning is not an issue. If the mortgage broker you’re working iwith says you need 6 months, then find a different mortgage broker. There’s always a way.
Jackie
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