Hi,
I have a situation with a property that I purchased at Sheriff’s sale.
I bid on a house and got the bid. I am thrilled about that!
When I tried to get financing(I’m a loan officer) I realized that the problem I had with the property was the loan amount is under $50,000 and the house was in need of major repair. To solve this problem, I applied for a rehab loan and discovered that the only way to get that was to form an LLC so that the deed would be in the business name. No problem, did that and am set up and ready to close. No Wait!!! What?! The sheriff says that I cannot change the deed to the corporate name until I file an “Assignment of Bid” with the court and that is a hugh undertaking, and I should hire a Lawyer. I called the lender and they said no problem with getting a new deed, but, The assignment needs to get filed. What do I do and how long will this take??? Anyone have an answer?
Thanks so much!