Purchased a home that is just about finished with its rehab. The house was purchased with cash and I would like to get the cashout done ASAP so that I can leverage the money to go buy something else.
Unfortunately, I made a mistake by purchasing the house in the name of a LLC. I'm the only one whose name is on the LLC, but banks won't do a conventional loan with the property being under a LLC.
Could I just use a Quit Claim Deed to get the title back in my personal name, which would allow me to get the conventional refinance? That seems like the cheapest option in lieu of formally getting the title back into my name through a title company.
If there are any other options, please advise. Thanks!
When you are doing cash out under delayed financing exception you don't need to transfer title on individual name until closing time. Ask your lender so you save your time.