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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Explain you're a foreclosure buyer... Posted by Ward-CA- on October 29, 2003 at 4:09 PM In Reply to: what to say to.... posted by gcastro on October 28, 2003 at 10:23 PM : Ward, I am selling a property that I bought using the THT method, and now I found a Buyer. I am scared however that my buyers bank might not want to do the finance since I have not owned the property for more 3 months, and usually they require the seller to be on title for at least 6 months. Anyways if the bank raises an eyebrow, I was planning to say that the property was transfered into a trust, for state planning purposes, and that I was named as the trustee, with power to sell the property. I think that by saying that I might prevent the Buyer's bank from getting stuck on the "flipping issue". How would you handle that Ward? -=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=- Gonzalo, Tell the inquiring lender that you acquire properties in foreclosure or at foreclosure sales and they shouldn't have any objection that you're subsequently reselling it within the following six months. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, I am selling a property that I bought using the THT method, and now I found a Buyer. I am scared however that my buyers bank might not want to do the finance since I have not owned the property for more 3 months, and usually they require the seller to be on title for at least 6 months. Anyways if the bank raises an eyebrow, I was planning to say that the property was transfered into a trust, for state planning purposes, and that I was named as the trustee, with power to sell the property. I think that by saying that I might prevent the Buyer's bank from getting stuck on the "flipping issue". How would you handle that Ward? : -=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=- : Gonzalo, : Tell the inquiring lender that you acquire properties in foreclosure or at foreclosure sales and they shouldn't have any objection that you're subsequently reselling it within the following six months. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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