Is it “selling” for $25/sf or is that some “starting bid” on an auction site?
Its selling for $25 sq ft
I would purchase it under your name and not a LLC. I tried to refinance a property I got at foreclosure and held for a year. The lender was one of the highest ranked, and we went through the entire process until finally they said I had to change it back from my LLC into my name and hold it for another six months. Nope. I got the LLC for protection of my assets and do not want to do this. I'm checking with other banks and credit unions at this point.
@Matthew Spaulding I would have to take it out of my LLC's name before I could refinance it. I haven't refinanced it in the first place, so I am a bit confused about your question.
@Matthew Spaulding If I put it back under my name and held it for six months, yes, I could refinance it. I could then quit claim it back to my LLC's name afterwards, but run the risk of having the bank declare the loan due and payable since it changed "owners". I want it to stay in my LLC, so I'm holding it for now and will revisit the refinance later on with a portfolio loan at my credit union.