OfflineSome of the best deals to be had out there are HUD, Fannie Mae, Freddie Mac, or Bank of America properties, but because of the deed restrictions they can be problematic to close using a simultaneous closing and still have the deed transfer the same day.
One way around this would be to draft your offer in the name of an LLC of the street address of the property:
For instance if I was making an offer on 123 Sesame Street, I would make my offer in the name of 123 Sesame Street, LLC. The bank will know that you do not own this LLC, but will assume that you are planning on getting it immediately after you get the offer accepted, but you can use a consulting fee agreement to get paid and just have the end buyer purchase the LLC instead. Once the contract is signed the Bank is obligated to sell to that LLC regardless of who the managing members are.
So far I have gotten one Fannie Mae property and one Bank of America REO property under contract using this approach with success. Now I just need to get them flipped:)
I'll keep you posted...
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That is some deal that you got on Sesame Street! Guess it is a place we always learn!
Seriously thanks for that bit of information!
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haha femaleceo, question DC? they dont the banks that is or fanny mae ask you for articles of incorp? And w/we get paid? Out of escrow I imagine just like an assignment right? Still working on my 1st deal here.
Quitting is forever pain is temporary