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Updated about 10 years ago on . Most recent reply

Willie Banks's profile image
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Willie Banks
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  • from Savannah, Georgia
  • Member since Oct 24, 2014
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Willie Banks's profile image
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Willie Banks
  • Investor
  • from Savannah, Georgia
  • Member since Oct 24, 2014
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Willie Banks
  • Investor
  • Savannah, GA
2
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Real Estate Deal Analysis & Advice

MAKING OFFER ON HUD PROPERTY FOR ASSIGNMENT FEE

Willie Banks
  • Investor
  • Savannah, GA
Posted

I recently looked @ a hud home asking price 70k with ARV about 140k I have a buyer interested in the property can I do an Assignment? If put under contract with an acceptable offer???

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Joe Villeneuve
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  • from Plymouth, MI
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Joe Villeneuve
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Joe Villeneuve
#4 All Forums Contributor
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Joe Villeneuve
#4 All Forums Contributor
  • Plymouth, MI
Replied

Yes. Make the offer in the name of an LLC...a brand new one. Then, sell the LLC to this interested investor for the price of your assignment fee. The agreement to purchase would be between the LLC and HUD, not you and HUD, so the new owner/member of the LLC would just close in the name of the LLC.

We do this as standard procedure on all of our HUD buys.

Joe V

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