Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 6 years ago on . Most recent reply

User Stats

45
Posts
18
Votes
Lincoln Coverdale
  • Beachwood, OH
18
Votes |
45
Posts

LLC Entity Check - Properties previously owned

Lincoln Coverdale
  • Beachwood, OH
Posted

I am purchasing a property and using CoreVest Financing. CoreVest requires that all properties in a LLC be owned out right or financed with CoreVest. We currently have a 2 properties in the LLC we are purchasing the new property under. Both of the properties are financed by a third party. My plan was to move the existing two properties out, but was told by CoreVest it may take a length of time for the properties to come of the LLC's report they pull, preventing us from closing the current deal on time. CoreVest uses a service called Clear to check our LLC. Does anyone have experience with this type of situation and how long it takes after a property has been transferred out of an LLC before it comes off for reporting purposes?

I know we can form a new LLC for the purchase, but the bank has taken 30+ days to accept our offer and the property is scheduled for Sheriff's sale in a few weeks and I am concerned we won't get bank approval for a new purchaser before the Sheriff's Sale.

TIA

Lincoln 

Loading replies...