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Updated over 10 years ago,
using an LLC to purchase a short sale as a loophole to get around the 90 day flip rule
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! :)