Real estate agents, developers, builders, mortgage brokers, sellers and buyers can now consummate difficult real estate deals without involving traditional bank qualification guidelines. The solution is the proved Real Estate Assisted Partnership (REAP) featuring the NARS Equity Holding Trust.
When money and credit get tight there are two options, do nothing, or use an alternative to conventional bank qualifying. Although creative real estate financing has been around for centuries one element of it has remained constant. Sellers want to sell their property to buyers who want to buy it. Even though contracts for deeds and similar seller assisted financing ideas have proved to be inherently dangerous many sellers feel forced to use them. Sellers are willing to risk losing, or at best damaging, their titles and credit just to get out from under costly and unwanted real estate obligations. Some sellers even try their hand at leasing only to learn later of the many costly pitfalls. The rest do nothing and end up losing their hard earned equity to months (and possibly years) of now unnecessarily carrying the costs of real estate mortgages, taxes, insurance, maintenance, upkeep and repairs.
The creators of the REAP have heard the cries of sellers who can't sell, of buyers who lack the required cash and/or credit to bank qualify, of Realtors working a part time job to pay their bills and of mortgage brokers looking for a new job simply because they are tired of dealing with ever changing underwriter guidelines. The creators of the REAP perform the highly valued function of a high-end real estate title transfer facilitator. They are offering the traditional real estate industry a proved safe, legal, private, quick and cost effective real estate title transfer solution.
This is how the REAP works. Through a real estate agent a motivated buyer; with proved financial ability, offers a motivated seller the full market value for their property. In exchange for that full price offer the motivated seller agrees to keep their equity and mortgage in place. This permits the creators of the REAP to transfer the sellers property to their proved-buyer. If needed, the creators of the REAP can arrange a private investor to provide needed cash or credit assistance to the proved-buyer. Even during the title transfer peroid the proved-buyer assumes all ownership responsibilities for the real estate mortgage, taxes, insurance, maintenance, upkeep and repairs. The proved-buyer may qualify for certain IRS tax considerations. Notice how even during the title transfer period the owner-seller is freed of any and all financial obligations.
As a safety feature (to avoid the possibility of liens, judgments and other title clouding issues against the proved-buyer from attaching to the owner-sellers property title) the owner-seller first transfers his property into a REAP prepared NARS Equity Holding Trust which includes a required promissory note and occupancy agreement. The owner-seller becomes the settler-beneficiary (SB) of this REAP prepared trust. The owner-seller, acting as SB of his trust, deeds the property title to a paid third party corporate trustee.
NOTE: A property title transferred into a REAP prepared NARS Equity Holding Trust avoids any lender due on sale admonitions because this is not considered a transfer of title to a new owner. The owner-seller, acting as the trust SB, maintains management control of the property title being held in trust for his benefit.
For ease of future title transfer considerations the owner-seller, again acting as the trust SB, appoints the proved-buyer as Resident-Beneficiary (RB) of the trust. At trust termination (usually 3-7 days but could be 3-5 years) the proved-buyer simply refinances the property into his own name. All participants: seller, buyer, agent, REAP facilitator and private investor share in the equity distribution according to the performance standards as set forth in the well prepared NARS Equity Holding Trust documentation. They all get paid at the closing of a previously difficult to consummate real estate transaction.