Short Sale Requiring A Listing
GMAC is requiring the property to be listed....so I have an investor friendly agent who will list it for me, and give me a discounted commission.
So I'll list it this weekend, put it in as pending sale.
My question is how long will I have to close the loan...my exit strategy was to flip it to a rehabber and assign the contract. Can I still do that since I'll be assiging the contract?
I am missing any steps here in getting this deal closed?
Thanks,
I've heard the banks are willing to rescind the short sale approval if they realize that money is to be made from an assignment.
One solution is to sign the purchase agreement under an LLC and than assign or sell your interest within the LLC to the final buyer. Ultimately, your LLC is closing during escrow.
Actually, I'm asking my attorney right now as to how to properly set this up.
Best Regards,
Bginvestor
I am working on this same type. The seller lists it with my RE agent and takes my contract at the same time. This way it goes into the system as a listing, but under contract. My contract is between the owner and my name, agent of an LLC to be named. I have the LLC set up at settlement and my Title company handles the rest. He works up the papers for conveying the property into the LLC and the change of resident agent and officers all at the same time. I have a contract with the Buyer to purchase the LLC and settle at the table at the time of the short sale.
Good luck!