Home Buying in Phoenix>Question Details

Investing101, Home Buyer in Phoenix, AZ

using an LLC to make an offer

Asked by Investing101, Phoenix, AZ Sat Apr 28, 2012

Is it possible to make an offer on a SFH via an LLC? Last property I purchased with an LLC listed me personally as making an offer and the house was titled to the LLC after closing. Thanks in advance!

Help the community by answering this question:

Answers

5
The previous answers have covered it. This will depend on if the purchase will be made directly by LLC or is this facilitated by an individual obtaining financing? This will determine how the property is initially titled.
Web Reference: http://www.AzIPX.com
1 vote Thank Flag Link Sun Apr 29, 2012
Is one way better to do it over the other? Sounds like it may be more complicated to use the LLC (gto et financing approval etc), although this may offer more protection then changing the title to the LLC after the purchase.
Flag Sun Apr 29, 2012
On the last home that you purchased, did you have the loan in your personal name? That is likely why the title was changed to the LLC after closing. If you are making a cash offer or if your preapproval letter from your lender is the name of your LLC, then you can certainly write the offer under the name of your LLC.
1 vote Thank Flag Link Sun Apr 29, 2012
makes sense. I guess when I asked the mortgage broker if my LLC could by a property, the only way she knew how to do it was to put the loan in my name then deed it to the LLC after closing.
Flag Sun Apr 29, 2012
In general banks want to lend to individuals not LLCs, so that would suggest that the offer and contract should be in your name and then deeded over the the LLC after close of escrow. If it was a cash transaction you should be able to do the offer in the LLC's name. This question is really better answered by an attorney, spending the money upfront may save you money in the long run.
1 vote Thank Flag Link Sat Apr 28, 2012
Kathy, Thanks! I think Richard (your brother in law?) actually set up my LLC at Keytlaw.
Flag Sat Apr 28, 2012
Yes, any legal entity can buy property. The LLC should be making the offer if you want to hold title in the name of the LLC.

The cases where I have seen ownership transferred to LLC after closing is when the buyer is getting a loan in their name and then transfer title after closing since the LLC did not qualify for financing.
1 vote Thank Flag Link Sat Apr 28, 2012
Got it, so really the LLC needs to have a credit history. Mahalo!
Flag Sat Apr 28, 2012
Agree with the other answers, you can buy with an LLC but may not be able to get a loan. We need to tie the package together to provide you the best result.
0 votes Thank Flag Link Sun May 6, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer