I owe a house in Las Vegas and considering doing All Inclusive Deed of Trust (AIDT).

Asked by djash01, 89117 Mon Aug 5, 2013

As an owner of the mortgage and house, what are the risks in doing of AIDT?

1. What if the new owner does not pay the mortgage? Do I need to foreclose on them?
2. Given the Nevada laws, how soon before I can foreclose on them? I want to sign an agreement that if they don’t pay for 15 days, I can kick them out.

What are the other options other than AIDT, lease option to get rid of the house/mortgage?

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Bo Saunders, Agent, Vallejo, CA
Mon Aug 5, 2013
Prior to being a Realtor, I managed contracts of sale and AITD, (All Inclusive Trust Deed) for the Collection Department of an Independant Escrow Company.
Since AITDs are technically illegal (they transfer title, but not the financial burden) if your Mortgage company discovers the transaction, they can foreclose on you, not many Brokers will allow their agents to sell with those terms.

I would highly reccomend you contact an attorney and have a Contract of Sale drawn up.
There are several different ways to structure them so that you, and your mortgage are protected.
I would be willing to help you with suggestions if you care to contact me.

Bo Saunders, SFR
Licensed Realtor®
Short Sale/REO Specialist
Cell 702-308-8908
Fax 702-302-4079
World Class Service
From Your Hometown Realtor®
2 votes
Robert Adams, Agent, Henderson, NV
Fri Aug 9, 2013
I have experience with AITD's.

There are new laws that will take effect Oct 2013 regarding foreclosing you should read up on (AB300 and SB321 are a few).

Have you had someone tell you the current value of the home vs what you owe? Prices here have skyrocketed since January 2012, so you might not be in as bad of shape as you are thinking.

If you email me the address I can run the comps for you and tell you what it is worth. Also, keep in mind since it is a hot seller's market we can often times sell your home for more than appraisal value.

Please feel free to contact me directly below or fill out our seller's form here: http://lvrealestatehelp.weebly.com/selling-real-estate.html

I look forward to hearing from you.

Best Regards,
Robert Adams
The Adams Team at
Rothwell Gornt Companies
0 votes
David DiMarco, Agent, Henderson, NV
Mon Aug 5, 2013
There are risks associated with AITD's,- the loan may be accelerated, if buyer becomes delinquent,- payments on any underlying loan(s) need to be made or you risk being foreclosed on. Since lenders don't usually call a loan that payments are kept current , AITD's are still used more frequently than you might expect because of the variety benefits they offer sellers.
Foreclosing on an AITD is the same as foreclosing on a second, third or whatever position the AITD represents. It takes 90 days from the notice of default , to advertise then 21 days.
"The agreement to remove after 15 days" would not be enforceable or have any value.
As for other options to consider, Lease Option, Contract for Deed / Sale, can be set up to properly protect both buyer and seller and are very common, you might consider an exchange, and lastly incentives.

for more information

David DiMarco
Keller Williams Southern Nevada
0 votes
Demetria Kal…, Agent, Henderson, NV
Mon Aug 5, 2013
You can foreclose on a property within 120 days after non-payment of whatever your terms are negotiated with the buyer. Suggest you contact a local attorney who can put together an iron-clad contract for you so that if there is an issue, you can move quickly. I can help you with obtaining an attorney for that purpose - contact me and I can make the recommendation. I can also assist in anything that may be necessary along the way.

Demetria Kalfas-Gordon

Resolution Realty
1050 Indigo Dr., Ste 110
Las Vegas, NV 89145

(702) 839-2798 direct
(702) 442-6160 fax
0 votes
Dave Denney, Agent, Las Vegas, NV
Mon Aug 5, 2013
Call Robert Noggle - RE Atty - 702-450-6300
0 votes
Matthew D'Er…, Agent, Las Vegas, NV
Mon Aug 5, 2013
I would strongly see the advice from a real estate attorney. We have done a lot of OWC if owner owns property free and clear and it is easy to foreclose if they miss their payments but still check with attorney for the facts. If you need help selling, call me at 702.501.0973
0 votes
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