OfflineI wanted to purchase a Hud property in Maryland through an LLC in Virginia of which my wife and I are members. The property for example is $100,000 and I would like to make an offer for $50,000 and is going to sell it for $80k. Now let's say my bid got accepted and it's a few days to closing and I have not found a buyer yet. What do I do? How do we get out of the contract?
Now another solution I was thinking was sell the property to my wife since she is interested to hold and rent the property for herself. Now this will put money to the LLC and my wife will be owning and renting the property on her own. Is this transaction allowed by law?
Can someone help us please...Thanks!
EG
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Sounds like a good deal.
I always advise people to give themselves enough time with an escape clause (contingency) to approach all of your buyers to give them a chance to buy. If you haven't been able to assign your contract a day or two before your time period is up, you will need to make up your mind as to whether or not you will continue or terminate the escrow. If you go forward, you are risking your earnest money deposit if you can't close.
You are in a fortunate position because if you proceed and you can't assign the contract, you are in the position to close on the property. You can buy it in your LLC and either hold onto it and rent it out, or try to sell it. Either way, it looks like you are getting a deal if you get the property at that price and can't go wrong.
Good luck.
where in VA are you?
I'm also in VA - PM me
Mike
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