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Updated over 10 years ago,

User Stats

10
Posts
1
Votes
John Patrick Lantin
  • Investor
  • Campbell, CA
1
Votes |
10
Posts

using an LLC to purchase a short sale as a loophole to get around the 90 day flip rule

John Patrick Lantin
  • Investor
  • Campbell, CA
Posted

Hi Guys! Just like what I have in the subject line, I currently have an offer through a realtor for a property in short sale. The bank released an addendum that states we cannot re-sell the property within 90 days at the close of escrow. As a wholesaler, I am planning to assign the purchase contract to my rehabber/cash buyer. So my questions are:

1.) Would assigning the contract violate the bank's 90 day no re-sell rule?

2.) I have read somewhere that you can purchase through your LLC and "sell" the LLC to the buyer. Can I sell the LLC to the buyer before I even close with the assignment fee built in the LLC sale?

Thanks in advance for all the help! :)

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