A question about double closing on Real Estate

[Donald Williams]

I have a property under a purchase contract in the name of my LLC for $35,000. I put in some sweat equity and had some rooms painted and landscaping. I have buyers interested in the property and the selling price is $58,000.

When they go to get a loan, the property will be under the original owners name even though they will be signing a purchase agreement with me.

Can I still use transactional lending and double close on this property or do I need the original owner to put the property in a land trust with my LLC as the trustee?

Thanks

[Wayne Brooks]

Talk to a local lender, you're going have problems selling to a financed buyer. FHA will likely be out either way.