Hello,
I just put a property under contract it is a bank reo. There is still a big ole sign in the front yard have about six people interested, but not to sure if that sign will throw things off. And wanted to know since it was purchased in an LLC, How do I go about just selling the LLC to my end buyer?
Hi,
If you are trying to sell to an "End User" who will owner occupy the home and will seek new mortgage financing it is very hard to sell the property sitting in a LLC as the new mortgage holder will want title in the purchaser's name.
If you are selling the property wholesale to another investor who is financing hard money or paying all cash and will be holding it to rehab or rent as a short term goal with selling to an end user or investor later then taking the property with the LLC intact will be possible.
To sell the LLC you will need to make all the resolutions within the LLC minutes and follow protical to keep the LLC legal.
Good luck,
GR
Just a question, why are you trying to sell the LLC? Why don’t you just do a double escrow or find transactional, funding? I assume you’re trying to flip it fast and not to a “owner occupied” buyer, but I could be wrong.
I’ve wholesaled tons of reo’s although it’s not my favorite, it’s fairly simple if you have the right escrow officers working with you.
I don’t like the LLC thing because you still have to file a tax return for that entity which is a pain for a $5 to $10K profit.
Sean