what is the best way to submit offers to the bank

8 Replies

Hi guys I'm submiting offers to the bank but I would like to know what is the best way with the LLC or on my name if i going to flip to cash buyer

The selling bank can care or less if your offer is vested in your personal name or an entity.
The following advise is from a liability and asset protection standpoint.
You should be flipping in an entity and with adequate insurance always, not in your personal name. Some have argued this, but there is NO upside to doing so in your personal name and plenty of downside.

Thank you Bill so much for your Info I just started in Real Estate
I have a buyer line up for my property the last thing i want to do is to scare my buyer away if he finds out that he is buying a property under somebody else entity. He won't be able to put it on he's own name can he transfer the entity to he's name in the future ho should i tell my broker to do a addendum before we go to escrow change it to my name and i will assign it to my buyer before we close escrow I'm confuse not sure.

Not sure I follow your question. if it is YOUR home you are selling, why would "somebody else's name" be on the entity? Changing how one holds title can be fairly easy if changes need to be made.

Thelma,
Your question is not clear, but it sounds like you're trying to assign your contract to another buyer. You probably can NOT assign your REO purchase contract. You may also have a deed restriction where you can't transfer title for 60-90 days, which would prevent a double close. You Can transfer your Interest in an LLC to another person(buyer), which would avoid both issues. Hopefully, your agent can explain what your contract allows.

More details and we can better assist you.

This is my dilemma Will you are being very helpful thanks

I know I'm asking dumb questions but I'm very confuse

1- I submit a cash offer to the bank and they accept it i use POF letter from one lender to make an offer on an short sale but this lender is not going to provide me with transactional funding so I'm force to find a different lender that can provide me transactional funding to close can this be done using a different lender?

i do have cash buyer ready to buy this property

2-question

when i submit this offer i use my LLC I'm worry about my buyer ( somebody told me if use LLC to flip a property my buyer would not buy it from me because it gets complicated for the buyer the property will remain on LLC name not on the

buyer name) any suggestions i will appreciated thanks.

Originally posted by Thelma Garwood:

1- I submit a cash offer to the bank and they accept it i use POF letter from one lender to make an offer on an short sale but this lender is not going to provide me with transactional funding so I'm force to find a different lender that can provide me transactional funding to close can this be done using a different lender?

i do have cash buyer ready to buy this property

You should not be making a cash offer unless you actually have the cash to close. If you'll be getting a loan to purchase the property, you want a pre-qualification or pre-approval letter, not a proof of funds letter.


2-question

when i submit this offer i use my LLC I'm worry about my buyer ( somebody told me if use LLC to flip a property my buyer would not buy it from me because it gets complicated for the buyer the property will remain on LLC name not on the

buyer name) any suggestions i will appreciated thanks.

Are you planning to sell the property or the LLC?

If you sell the property, the property will transfer to the buyer's name. If you sell the LLC with the property in it, the buyer will now own the LLC and the property will still be titled in the LLC name.

I would recommend reading through the forums some more to get a better understanding of what you're trying to do. I think you're probably missing some key ideas, and some more study and research will go a long way to clarifying these things for you.

J has made some great suggestions to you.
Also, your POF is needed to show the seller that you have funds to close. If you are using transactional funding, then you are not making a cash offer but a non contingent financing offer.

IF your POF is from one lender, then you use the funds from another, that is fine so long as you perform on the contract. The POF is simply the initial proof you have ability to close.

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