Seller does not want to take Property out of trust.

[Joe S.]

So for starters I am not completely ignorant on trust. I have bought properties before and had them deeded to a trust. I understand trustees and beneficial interest etc. With that being said I had a seller contact me that is retiring and wants start owner financing his rentals as they become open.

He has bought a property and put it in a trust. The property does have an underlining loan on it. He wants to owner financed me the property and it was his suggestion. The challenge is he does not want to deed the property to me out of trust. He wants to transfer the beneficial interest to me. His daughter is the trustee of the trust and there is an underlining loan that I would want to be able to verify any time in the future. Also how would I Give him a note and deed of trust if the property has not transfer title. I told him that if he would give me a discount I would get my own financing I also told him I would be willing to buy the property with the terms he suggested, but I would need title transferred to me or my company. He was not willing to take the property out of the trust and transfer to me. I wished him well and he wished me well and we got off the phone. Am I missing something?

[Glenna Wood]

So he wants to have his cake and eat it too. Hanging up sounds spot on as all I can think of is ways this could go south. Will be watching for pro responses on this one.