The whole purpose of a lease-option is to allow a buyer to build equity as they don't have a lump sum for a down payment, they won't have it at settlement either in most cases.And as John mentioned above, the Trust will need to sell the property.I believe SC has established a special Land Trust statute and while the "Land Trust" may be a marketing issues, a trust may be established in any state to hold real estate.

Well I'm one day from closing my first deal and I got a copy of the HUD settlement statement yesterday and I looked at the bottom line where it says "Cash from borrower" and all I could think was WOW!!!

I believe that you need to surround yourself with expertsm because title and settlement is not a place for DIY.

If your financial partner backdoor's you on a deal leaving you high and dry while he's cashing settlement checks, would you question his integrity and ethics?

It could mean that Bush is just restating what already exists or he could be indicating that more people will qualify for a tax free settlement.

I am involved in my first Short Sale negotiation and the currnt lender to the current note holder requested that I submit a contract to purchase the property to the current note holder.The current note holder will submit the offer to the current lender with a letter of hardship and supposedly a HUD1 settlement statement.

I got here from searching to learn about foreclosures, flipping, and REI in general.I have been researching my area and wanted to get opinions on this deal:House: Sold in '02 for $200KWill be auctioned for $135K min bid (appraised 200K).I am interested if this sounds like a good deal or not.Here are my questions:1) Is it too late to contact the current owner and try to work out a settlement ahead of the auction?

I'm also aware of double closings/settlements but I'm wondering if closing costs will have to be paid twice and if you guys who've done it even see that as a problem?

I'm also aware of double closings/settlements but I'm wondering if closing costs will have to be paid twice and if you guys who've done it even see that as a problem?

Then you are a creditor secured by a lien on the property.The person owing the money could also try to work out a settlement where they make a partial payment in agreement to have the lien released from one property.