How do I do this...?
The short sale lender wants to close by April 15th.
Let's say I use bridge funding, that means the C buyer would need to close around April 18th.
My title company has told me that a land trust is needed. Reason:
So the B buyer's name is on title and C's lender won't have an issue seeing a different name on title (therefore, they can start working on the financing immediately).
Is this correct? I've heard some conflicting information as well. I've heard that C's lender won't be interested in working on a deal like this if there's a land trust.
So that's option A...the land trust.
What's my other option? If I don't use a land trust, party A will be on title until April 15th.
If that's the case, how is it possible for C to close on April 18th?
Will C's lender be willing to work on the loan if they see a "contingent upon B obtaining said property" contingency in C's purchase contract?
Can we show C's lender the A-B contract to show that B is in the process of obtaining the property? And if we do that, isn't there a risk that C's lender sees that B is purchasing for X amount of dollars, and then C's lender will refuse to give C a loan for the purchase price of Y dollars because of the 50k difference?
What are my options? I keep hearing different things, and don't want to screw this up.