Short Sale Property & transferring LLC as wholesale tactic

[Dena Price]

Hi everyone,

I am rather new and this is my first short sale.  I am n WA.

I have an approved short sale property in escrow. It has 3 partners, each on PSA under their own LLC. We have an interested party who wants to take it off our hands (which would cut out one party who was the finance on this deal - he is ok with it) and we are aware that under normal circumstances a short sale property cannot be re-sold for 91 days - or should we say the title cannot be transferred to be exact.

For reasons I won't bore you with, this could be a good option for us to still make some money on a property that even with our wholesale fee leaves an end buyer with a nice profit!  

That said, I came up with the idea (and have done most all the research with the State of WA, CPA and an Attorney - who is getting me securities answer Friday) that since I have no properties in my new LLC currently, and it is the one on contract (with the other 2) I could sell/transfer my LLC to the end buyer (not too hard to do this so it seems with the state dept's involved) and then we could get paid and he can take possession immediately with his funds being able to do just a single escrow/close. This saves the double escrow costs and the waiting period and stickiness of doing a rental agreement with new end buyer so he can begin work during the waiting period.

I would really appreciate any feedback from those who may have already done this already and if they had any illegal or immoral hoops to jump thru?  I want my integrity in tact and my legal duty in tact as well.  I only want to do this if it is above board in all areas.

I would also appreciate greatly any feedback from those that have had to work with the 91 day period and giving possession to new end buyer so they can begin their work on it.

I hope I have made this scenario clear enough so as not to confuse everyone! :-)

Please email me with any feedback or questions/clarifications needed for that feedback!

Thank you so much BP buddies!

Dena Price