Flipper · O Fallon, IL · Member since 2014 · 7 posts · 1 vote
While researching properties on the county assessor tax websites I often come across properties that have sold in very short periods of time for substantial differences and it appears the buyer is often a trust and the seller may be the owner of the trust. Example: I recently came across a property that was purchased on 6/13/13 for $75,516 then sold on 6/26/13 for $29,300 then sold again to a trust on 7/16/13 for $42,700. Is what I am seeing some sort of strategy for pulling income or tax benefits? Just curious if anyone has an idea.
Around here when you see purchases close to one another with a significant drop in price you are typically looking at an REO or tax lien: the first price is the bank/municipality foreclosure at the balance of the outstanding mortgage or tax lien; the second is often the property being resold off by the lender or at auction.
I've not encountered the third sale involving a trust, and am also curious to see what other scenarios cause this pattern.