Transfering Short Sale to another investor

[Sean Kuhn]

I've had an offer in on a short sale for 9 months now. Its a great deal and if it gets approved, great. If not, its okay because I've been buying other stuff since I offered. We've signed a contract so no one else can come in and offer higher.

I'm almost completely leveraged/spent and have one more house I can buy before I take a break. The home is in high demand and many investors around here have been asking if the deal has fallen through. I don't want to just back out of the contract if I buy a different house, I think I can make money on it somehow. Can I allow another investor to take over the contract without interrupting the process, or can I agree with another investor that if a short sale is approved that he will take over at closing? For a fee of course. Basically what I'm selling is my nine months into the approval process. If I back out someone will have to start it all over again. Anyone done anything like this before?