Switching Names At Closing
Is it possible to switch LLC names at the closing when doing a short sale? My guess is that this could present a problem since all other information (letter authorizing release of information and offer to purchase) is in one name and now I wish to switch to a new LLC??????? Thanks!!!!!!!
If you are getting financing this will probably not fly
Only once have I had a different name on the final HUD1 than was on the Purchase and Sale agreement, and the preliminary HUD1. It went through.
Sometimes the approval letter is very specific and mentions that it must be buyer JANE SMITH. Other times the approval letter does not say it has to be buyer JANE SMITH - but just because they do not say it in the letter does not mean that they won't send the money back.
My latest technique it to have a FL Land Trust as the buyer. That way you can change beneficial interest without anyone knowing. Have not taken one all the way through yet.
Of course, you could always ring up the loss mit rep and ask.
Brenda
This is basically the same thing that im asking im my post : http://www.thecreativeinvestor.com/ViewTopic37987-35-0.html
except when we did it, we put our personal names on the purchase contract and took title in our company names when we double closed so our lawyer sent in the preliminary hud i dont know if he put our personal names on that or not.
so then in most cases a bank will not accept the short because of this correct? but will they also kill the short because its an LLC on the purchase agreement instead of a personal name? wont they think something is up.
and could you explain a little more about using the trust to do it. how exactly does that work? the trust would be on the purchase agreement and the hud?
i also heard today that a big shot investor in my area signs his purchase contracts with the name of the trust before its even created, which is probably not a good thing. and if its accepted then he creates the trust and takes title that way. but i think an even better way to do it is sign the purchase contract with your name and do an assignment of contract to your trust that you create, then take title.