Posted by Wayne-NC on February 06, 2006 at 17:55:32:
Find a buyer with bad credit and cash. They want terms and a house now. How much is “a lot”? You are just buying them time to fix there credit in that case. You will get paid,just not now. Can you take a note for your commission? It’s better that nothing. Can the seller hold a note for part of the DP? Maybe secured by something else? A vehicle perhaps? Sometimes the possibilities are endless when you learn to think that way.
12 month Builder Restrictions Need get around… - Posted by Pete from Tampa
Posted by Pete from Tampa on February 05, 2006 at 16:31:17:
Hello and thx for looking, I have a client with two townhomes I want to sell but the builder has a 12 month from original closing seller restriction. I heard that if you are able to prove hardship you are able to get around that. Can anyone help? Any leads will be appreciated.
Need get around… - Posted by colvegas
Posted by colvegas on February 06, 2006 at 16:40:18:
One method I know of is to use a land trust to accomplish this. Have the seller vests his title to a designated trustee and then you can bring in your buyer and make them a beneficiary in the trust and the builder does not need to know anything since any homeowner can asset protect their property thus following the legal stipulations under the Garn St Germain act of 1982 section 8a. I am doing a similar transaction now involving a builder where the seller can not sell the lot he has. If you like more info feel free to email at colvegas07@hotmail.com or call me at 702-400-7632…
Possible sale idea? - Posted by Wayne-NC
Posted by Wayne-NC on February 06, 2006 at 12:49:49:
I am not recommending this right now as I haven’t had time to research, let alone read your contracts. I am just looking for ideas and possibilities to explore to solve a problem. Maybe this is or will lead to a possible solution. Sell it using terms such as a contract for deed or a lease/purchase type of agreement to close AFTER the 12 month original closing date. No legal title transfered, only equitable title. This may violate something similar to the DOS clause in the builders contract if anyone found out. Again, I don’t know the specifics of your contract. There has been much written on the subject of DOS. You may also shift the capital gain to long term if you structure it right. Something to think about.
Talk to the Builder and Work it Out - Posted by River City
Posted by River City on February 06, 2006 at 09:28:07:
You can either ask questions of everyone else, or you can jump forward and talk with the builder and explain the situation. They are not always unreasonable. Just be able to back up everything you tell them, and do not make up a story.
Re: Need get around… - Posted by prtampa
Posted by prtampa on February 06, 2006 at 17:37:37:
I appreciate your response. Can I ask you? Will the buyer’s mortgage transaction go un-affected by this? Also this particular property has a home on it, will a land trust still apply?
Thank you again for your reply.
Re: Possible sale idea? - Posted by prtampa
Posted by prtampa on February 06, 2006 at 17:35:55:
I appreciate your reply, and it does make a lot of sense. However I am the realtor in this particular case and unless the buyer put’s a lot down, I will not get paid from a lease opt. However worst case scenario we would have to do something like this.
Re: Talk to the Builder and Work it Out - Posted by prtampa
Posted by prtampa on February 06, 2006 at 14:31:26:
Thx for the input. I will give it a try.
Re: Need get around… - Posted by colvegas
Posted by colvegas on February 06, 2006 at 18:20:33:
Pete,
The financing poriton is a separate part of the transaction. YOu first need to get the finnancing done first then vest the title to your designated trustee and once accepted you then have your land trust. You can have a separate escrow for your purchase money agreement… Feel free to call me at 702-400-7632 if I can help further.
AS to the property having a home on it is there a buildable lot also alittle confused. Whomever is on the deed or title whehter that is the lot or the home can be vested into a trust…