BiggerPockets

I have a property I got the bank to approve for 62k and I have a End Buyer who would pay $67,500, the Realtor would not use my contract and she's telling me I can not assign it. Is there anything that I can do.

Jared

1.As Jon mentioned do a double close
2.Form an LLC in the name of the property and than sell that LLC to your end buyer
3.Put your name along with the buyers name on the contract. Once he buys it from the bank quit claim it.

I will add to the sentiment above, you have to know from the beginning you have to either double close, sell the LLC name to the end user, etc.

could you sell it in a land trust instead of an LLC?

what if you find an REO and can negotiate at a good deal. You dont have jack for cash but you have an end buyer who doent have good credit but you find a private lender who will lend to him. so say its $100,000 and FMV is $130,000 so would you put the offer in the LLC and double close, put the right to assign to any name or entity because you dont know what LLC your going to put it into at the offer time then assign it to the other guy at $30,000 or do what the other guy said and use the LLC and quit claim as both your names are in the contract?

It all depends on what state you live in. You can do a double close. Make sure your end buyers money is at your closing attorney before the close.

Forming an LLC to sell the home requires too many steps.

Jeff

I agree, setting up the LLC and selling the property from it takes many steps, while not too difficult, still takes several more steps than a dual closing such as filing to get the LLC set up and getting a certificate of good standing. Might be worth finding an experienced attorney or title company that has done many dual closings and walk you through the steps. The cost of setting up the LLC may not be that cheap either depending on where you live. Costs $500 in MA.

Jared,

What did you end up doing on this deal?

Why was the Realtor in control of your deal?

Did you find a title company to do the double close?

Hope it worked out for you.

Mr_Investor,

The only question with your #3 method is: What is the exact means of 'securing' payment? So far, you only mentioned the contract with a bank, which has initially the Flipper's name, then the flipper adds the Buyer's name. A quit claim is done by the flipper. But there is no mention of what paperwork secures the profit amount for the Flipper. Please advise.

#3 could require you to have past dealings with your end buyer or know them. A stranger doing a deal with you for the first time may not be comfortable with your name and theirs on the PSA.