Assignment of Bank REO

Your LLC would be the buyer of the property and enter into the purchase contract. You can't assign the contract, but unless the bank tells you specifically, you can sell your member's interests in the LLC to someone else. You will probably have to remain as the Manager of the LLC and sign the closing papers yourself so that the same person has signed the purchase contract and the closing papers. Once the deal is closed, you can resign as the Manager so that you have no further obligation or rights in the LLC.

Steps:

1. Form you LLC
2. Sign a contract for the property
3. Find a buyer
4. Make a deal that the buyer will purchase your members interests for a price similar to what you would have charged for an assignment fee. This will be in the form of a purchase contract with terms that: a) the buyer will fund the transaction, b) you will remain as the Manager until the deal closes, and c) you will resign after the deal closes and you are paid your fee for the sale of your interests in the LLC.
5. The buyer will need to fund the transaction by putting cash into the LLC
6. You sign the closing papers
7. You finalize your sale of the LLC member's interests, receive your fee, and resign as the Manager

Good luck.

process that you would do normally when selling property via an LLC?