A coaching client of mine, Brian Gibbons, turned me onto an article in USA Today that I hadn’t seen when it first came out:
Upscale Home Sales Lag as Jumbo Loans are Hard to Get
The Title Holding (Land) Trust is really saving these desperate sellers (and buyers!) Recently we put together a deal that:
- preserved $400,000 of the seller’s equity (equity that didn’t really exist at that point in the market)
- allowed the seller to defer capital gains on his primary residence
- allowed the seller to get out from under payments that had become oppressive. (He was paying $7,000 per month when he had already bought another $2.3mil property to live in . . . he was carrying 2 jumbo mortgage payments! Ouch!
- allows the investor/buyer to get the benefit of the existing property tax basis, which is much less than if she were closing on the property conventionally
When banks say NO, I say YES!
- Title Holding (Land) Trusts
- Owner Financing and the Title Holding Trust Helps High-End Home Avoid Foreclosure
- Sign up for Seller Financing on Steroids
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