The 3 Top Reasons NOT to Use a Land Trust in a Real Estate Transaction!
Posted by Patrick Precourt in Business, Investment, Preforeclosure, Real EstateAug 14th, 2009 | 4 responses
There are so many reasons why you should not use a land trust in a real estate transaction in today’s real estate investing environment. Listen in as I go over the top 3 reasons why you should stay away from them, whether or not a lender will pay you a fee for negotiating a deed-in-lieu of foreclosure, whether or not a purchase and sales agreement seasons title, what loans are protected from deficit judgments and much more. Visit www.FridayCoffeeBreak.com for more real estate specific videos.
4 Responses to “The 3 Top Reasons NOT to Use a Land Trust in a Real Estate Transaction!”
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What is the best way to get control of the short sale property? i.e. get the deed QC to your company or what of method
Pat,
Thank you for the clear explanation concernign when title seasoning begins and ends. Before your comments, I was under the impression that you just couldn’t close before the 90 days had passed, now I know that you can’t have a signed offer until 90 days has passed. Thank you for saving our butts in future deals where seasoning may be an issue.
Michael
Pat/Bob Great job. I listen every week and appreciate the truth. Is your first name ‘Frank’? Re: D-I-L’s(mentioned in the 8-14 FCB)I work with(student of) Coach Pat Martin and he accidentally discovered that lenders will typically pay $1000-2000 per DIL if the house is broom swept clean and you hand them the deed. Check it out and pass it on to your great followers so they can monitize those ‘dead’ files. Keep it up!
Ditto other laudatory comments re your depth and breadth of insight. This video does not really discuss the cons of using land trusts – the “top 3 reasons” mentioned were vague at best (e.g., “the reasons for using them are no longer applicable”… well, what were the ‘old’ reasons that no longer apply? I have several GREAT reasons why they do. Also, I have not had a problem with title companies accepting them.) and not particularly helpful. I use land trusts for all my deals, and see major benefits in using them. I’d appreciate a fuller discussion of why you believe they are no longer useful. Thanks.