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How to proceed in land trust |
| Bryan Benson |
Remember your great house? Remember the great deal with the potential to make an additional 20%? And lastly, remember the owner who is still living in your house?
As we said in part II, you need to get the owner out of there.
In case you cannot come up with the money to cash this thing out, if you have to, you need to be able to put it back on the market and find somebody you can flip this thing to.
So what I am saying is that you need to be on the move fast. If the owner calls tomorrow and says look I'm going to go ahead and make this payment, tell them you will make the payment once they hand over the keys.
Keep in mind, it is going to be a few days late but, you know, the quicker they can get out the less late the payment is going to be.
And what should you tell them? Tell them, you will send a dumpster there and send a crew to help them. Let the owner know you need to get them moved out.
That is your main priority. There are a couple of ways you can do this but if you couldn't your main fallback will be to flip this to somebody who can come up with the cash or can do something. But, that is your fallback answer.
Now, you can try your other option and your other option is to try and come up with this money. The best-case scenario would be to give them that money after you get this house resold and out of the proceeds, sometime down the road, and you go ahead and pay them off. They could be secured by a second mortgage, no interest, no payments, and it could be recorded as a second mortgage from you to them (if that would make them feel better about the situation). Tell her that you cannot sell the house without paying them money, it just can't be done, and it is a lien that has to be paid off.
You can try to go that route, which would be a really good way to go.
Now if they want the money, then you are either going to have to find a way to come up with the cash, hard money, partner, or whatever the case may be, or wholesale it or they could turn around and refinance this thing.
They can pull the money out and give it to you subject to, but now you are going to be on the hook for a higher payment.
There are several options here that you can use. Make sure you go with the option that suits you best.
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| About the Author |
©2006 All rights reserved
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