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Old 05-04-2011, 12:01 AM
 
2 posts, read 6,646 times
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Hi, This is my first post, I can aways find answers to any question I have so I never had to ask until now. My question is: I have a LLC and I was wondering if I could use that to buy a home that is a short sale or a foreclosure in Las Vegas Nevada? I was told that I can buy a home with my LLC if it is a regular sale but not a short sale or a foreclosed home. I wanted to included short sales as well as foreclosure because I will have more options. Why would I be able to buy a regular sale and not the others? If that is true is there any way to use my LLC for that?
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Old 05-04-2011, 01:31 AM
 
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Yes, LLCs can buy REO and short sale property. Just give your realtor an email copy of your Articles of Organization and Certificate of Good Standing (current business license) The title company will request these docs. Sometimes they also request the Operating Agreement.
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Old 05-04-2011, 09:39 AM
 
Location: Las Vegas
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LLC's are your friend in Nevada, lol
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Old 05-04-2011, 09:56 AM
 
15,827 posts, read 14,463,105 times
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But....

I really don't think an LLC can get a normal residential mortgage. They're going to have to get a commerical mortgage, which is likely to have not as good terms.

But if the LLC has cash, no problem.
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Old 05-04-2011, 12:30 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,187,029 times
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Quote:
Originally Posted by BBMW View Post
But....

I really don't think an LLC can get a normal residential mortgage. They're going to have to get a commerical mortgage, which is likely to have not as good terms.

But if the LLC has cash, no problem.
That is a different question. Financing for an LLC will be a different thing...often requires a personal guarantee. Can be done with high down.
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Old 05-04-2011, 04:19 PM
 
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FWIW, I see a lot of recently formed LLCs buying properties in Phoenix.
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Old 05-04-2011, 11:30 PM
 
2 posts, read 6,646 times
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Thank you all!
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