|
|
 |
|||||
|---|---|---|---|---|---|---|
|
|
|
|
www.BuyHomesLouisville.com |
|||
|
What is the Trust Selling System?
The Trust Selling System is a revolutionary real estate conveyance system for hard-pressed Sellers and Buyers. It allows would-be Sellers to safely and legally permit Buyers to take over payments on existing and otherwise non-assumable mortgages without the Buyer’s needing to qualify with the lender for the mortgage. There is no lender involvement in the transaction. For Buyers, the Trust Selling System provides all the benefits of homeownership without time-consuming lender qualifying with today’s strict credit and underwriting standards. It’s possible to close on a transaction within one week, it all depends how fast the documents can be prepared and executed. In the Trust Selling System, a Seller places their property into a revocable living trust (more on that later) and then assigns a portion of their beneficiary interest to a second party, a would-be Buyer tired of renting. This second party (now a co-beneficiary in the trust) pays a fee for its position in the trust (covers any costs of the transaction, late fees, missed payments, etc.) and agrees to cover all the costs of the property for a specified period. Following the closing of the transaction the Buyer/Co-Beneficiary assumes possession of the property via a net lease (they pay all costs), and thereby becomes entitled to all income tax benefits, appreciation potential, and all other benefits of ownership – all without needing perfect credit or standard loan qualifying requirements. At the end of a specified period the property is purchased from the trust by the Buyer/Co-Beneficiary, at the then current fair-market value, or sold to a new Buyer, and underlying debt is paid off. Closing costs are paid, then each beneficiary receives their initial contribution (i.e. any equity held by the Seller since inception of the transaction, “down payment” made by Buyer, etc.), and then net proceeds are distributed to the beneficiaries according to their respective percentages of beneficiary interest held. All the while the Buyer/Co-Beneficiary has been making the loan payments and paying for all upkeep and maintenance of the property, thereby relieving the Seller of that burden.
CLICK HERE to learn what is a trust
|
||||||
|
|
||||||
