Foreclosure University Double Closings

Closing short sales and finding a buyer

July 2nd, 2008 by Jarad

Question: When closing short sales and finding a buyer in 30 days or less, are you using a land trust to avoid the seasoning issues or are you double closing in your own name? How do you avoid the seasoning issues?

Answer: -It’s becoming harder and harder to perform a double or simultaneous closing because of all the mortgage fraud going on in the lending industry. However, there are a few title companies still around in certain states that will do this for you, you just have to find them. The land trust is used to provide added protection and helps in avoiding the due on sale clause. So using a land trust is beneficial even if you can’t perform a double closing. The most common seasoning issues come when you buy a piece of real estate for $100,000 one week and sell it for $200,000 the next. They begin to wonder how it doubled in price so quickly and you or your end buyer may have to explain that you got a good deal.

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