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Updated almost 14 years ago,

User Stats

359
Posts
199
Votes
Michael G.
  • Wholesaler
  • Bay Shore, NY
199
Votes |
359
Posts

Sell Entity to avoid The buyer agrees not to sell the property within 90 days of closing of this sale.”

Michael G.
  • Wholesaler
  • Bay Shore, NY
Posted

I'm looking for a prudent strategy to manage a clause ( the buyer agrees not to sell the property within 90 days of closing of this sale.) that the lender insists must be in the purchase contract of a short sale property I intend to wholesale to a cash buyer. I'm thinking 1) use an entity I own to purchase the property 2) sell my shares of that entity to my cash buyer for my wholesaling fee before closing. Does anyone think this is not a viable strategy in this situation and has anyone run into the "the buyer agrees not to sell the property within 90 days of closing of this sale" edict from lenders and how have you dealt with it?

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