Foreclosure University Forum

short sale close questions

by rad, Wednesday, December 29, 2004, 16:39 (5260 days ago) @ Mia

1. Is there any problem with the new buyer getting a mortgage> If the
property is now in the family trust is title ok when viewed by new
mortgage company> I recorded the deed 12/21 and expect to sell by 1/27.

This is what is so great about setting up trusts...you can eliminates most chain of title issues.

2. If we do a simultaneous close - I can sell to the new investor first
(with the rights given to me by the trust) for agreed amount and then pay
off the lender in the amount of the pay off agreement second>

Yes you can, just make sure you can find a title company willing to do this. Some states will not allow this.


3. Who is the check made out to for the money left over - the family trust
or me personally>

Whoever the beneficiary is - (your corportation)


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