I found a short sale deal for 60k; Property is is appraised at 165k and all the other homes are similar but appraised 170k -220k. The RE Agent won't do the offer because I told him I need to do a double closing. I'm planing on offering it to a rehabber after I buy because I can't assign the contract.
Since I have to buy and not able to assign, should I buy thru a LLC and then sell the LLC to a rehabber?
If it stays in the LLC even though the LLC changes owners, then that will meet any seasoning...right?
Any thoughts that may help me on this?
Brian in Kenilworth
Replies
Thank your realtor very much for her sound advice, go to another realtor and sign the contract "your name as trustee"
If you really want to accellerate the seasoning, starting it before closing, have the seller transfer the property into a trust now prior to closing and record the deed. You will be the trustee, and assign the beneficial interest to the buyer. The property will season the entire time.