I am about to put in an offer on an REO under a newly created LLC. A few quick questions.
Will the Bank that owns the property validate the LLC that is purchasing the property?
What do I have to put on the HUD to itemize how I get paid?
How much time can I ask for from the bank to close the loan? I do not have a buyer yet but would like 45 days to close. Is this realistic for a closing date?
These are all negotiable items and are set for each individual bank. 45 days is fine as long as your offer is accepted. I think a hud is for a short sale not an REO.
redhawk
I do agree that each bank will probably be different but the HUD1 settlement statement will be used in all RE transactions with title companies. How would I itemize my profit on there since they do not allow assignments? Would I have to just trust the buyer to give me the money after closing? I don’t feel to comfortable with this.
You need to do a double close, if the settlement company will allow it. The bank will not allow an assignment.