Looking to make a bunch of offers on listed REOs in the coming week. I live in MD which has prohibitively high transfer taxes, therefore double closings aren’t preferable as the high closing costs will eat into the profit. It is also my understanding that assignments of contract won’t fly with REO banks (I may have misunderstood this, please correct me if I’m wrong).
Question is this: when wholesaling REOs what’s the best structure to ensure things close smoothly with the REO bank & avoid any other avoidable issues:
- buy in a newly created LLC then sell the LLC to wholesale buyer for assignment fee?
- adding buyer’s name to the contract during escrow and quit claiming my name off at closing for assignment fee
- can I do a double closing and have the deed recorded ONLY ONCE to the end buyer?
- buy in a land trust and assign the beneficial interest to wholesale buyer for assignment fee?
- some other way?