Short Sale & Assignments
Hello again everyone. I have a newbie question. I would like to know if I went through the entire Short Sale process and a lender excepted my offer, could I then assign my offer or contract to a investor or a cash buyer?
Any help is gladly appreciated
Bargain thanks for the reply ...would you happen to know the solution to this type of problem[ Edited by steady28 on Date 12/10/2006 ]
The next day, or the next minute. Investigate simultaneous closings, or double closings.
If you have a cash buyer, you might consider setting up an LLC for the express purpose of going into contract to purchase the property. Instead of assigning the deal, or paying for a double or simultaneous closing..., you could be bought out of the LLC.
Have your attorney and CPA review your business plan.
Short sale i concur. No short sale can show an assignment fee on the hud. So do what ssp said or trust the cash buyer to pay your cash after the closing.
How would this LLC situation work?
Quote:
On 2006-12-11 19:10, TheShortSalePro wrote:
The next day, or the next minute. Investigate simultaneous closings, or double closings.
If you have a cash buyer, you might consider setting up an LLC for the express purpose of going into contract to purchase the property. Instead of assigning the deal, or paying for a double or simultaneous closing..., you could be bought out of the LLC.
Have your attorney and CPA review your business plan.
"How would this LLC situation work?"
The LLC goes into contract to purchase the property.
The contract becomes an asset of the LLC
A new member, with cash, comes into the LLC. The buy-in price to join the LLC just happens to coincide with the amount of an assignment fee.....
You should have your lawyer and CPA set up the prototype for you.
I will submit as is for right now referencing the POA. The realtor is one I work with on a regular basis. He is aware of the whole situation and understands.
Thanks for the clarification to proceed.
Daryl