Business Credit

Hey guys,

Question here: If you take a property subject to and transfer the deed into your LLC, if the property forecloses does it affect your business credit?

Shephia

Comments(13)

  • InActive_Account3rd June, 2005

    *Bump*

  • InActive_Account2nd June, 2005

    WOW I just did my 300th post too!!!Blue Belt Baby!!!!! This is going to be a good day!!

  • jfmlv19502nd June, 2005

    Way to go Kid....

    Keep up the good work

    John (LV)

  • joeyd2nd June, 2005

    Congrats KID on the house & Happy 300th!
    [addsig]

  • InActive_Account3rd June, 2005

    I got my last two deals with Bandits/website.

  • chumah5th June, 2005

    Wannabe is right...start with those you can contact and they may give you ideas or refer you elsewhere

  • kobekatt5th June, 2005

    There is an attorney in Orange County called Stuart Knight I have used in the past. He is very well known around the Foreclosure circles, both with good and bad experiences. I have met with him a few times and found him to be very knowledgeable about CC1695 (California Foreclosure Code) and I am sure he is an expert in other areas of RE deals.

    His phone number is (714) 730-4808.

    Hope that helps

  • jeff1200212th March, 2005

    Hopefully you will be selling the property for enough that after all of the loans and closing costs are paid there will be some money left over. This left over money belongs to you.

  • rbjj12th March, 2005

    Thanks Tbarber,

    That clears up a lot of questions I had about getting paid at closing.

    Was my other steps correct ?

  • InActive_Account13th March, 2005

    Yeah, but they were kinda out of order. You always want to do a title search before you give the seller any money.

  • rbjj13th March, 2005

    Thanks REkid for your response.

    I think I did mention getting a title check right after getting the deed signed over and getting the authorization to release signed. Was that not the right order ?

  • kimesha21st March, 2005

    mfwalton,
    how much do you pay for your title search. does the titlr co. cut you a break if you promise to use their services when you close

  • itisha29th May, 2005

    Why would you do a title search before you have the owner(s) sign the deed into your name? While you are doing your due diligence you are also wasting time and money. The owner(s) may change their mind, or decide to go with another investor. Then What???

    What I recommend doing is having them sign the deed over to you, let them know that you will be filing it with the county so they cannot just up and decide to sell it to someone else. And then do your title search.

    In your purchase agreement you would put a contingency that you have a certain amount of days to do your due diligence. That way you know you have the deed in your hand and they cannot renig on what they may have promised you. Thus, saving you time and $money$, while at the same time giving you a peace of mind.

    Do your due diligence immediately after they sign the deed over to you. If it comes back Clear then you go and record the Deed, which you already have

    Good Luck!

    [ Edited by itisha on Date 05/29/2005 ]

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