Can someone re purchase a building that they have previously purchased through an LLC, (and have over $750k worth of debt on it because they took out 2 mortgages on it) for $200,000 cash, then turn right back around and put it on the market for $300k- attempting to walk away from the debt, and also gain a $100k profit? (Which to me sounds ILLEGAL, like loan fraud, but the person is paying cash for the building, and putting it in someone else's name)
Please advise if the value of the property will go up ($100k dollars) immediately after the short sale. If so, how? The appraisal will say its worth more, thus allowing it to go on the market for the greater amount?
I have someone who is interested in purchasing this building once it goes back on the market- as they obviously can't get it now, due to the fact that its under contract and closing in a few days...But they would want to buy for $200k vs. $300k.
Can anyone give their opinions on this scenario?
Any info would be helpful. Thanks.
Please advise if the value of the property will go up ($100k dollars) immediately after the short sale. If so, how? The appraisal will say its worth more, thus allowing it to go on the market for the greater amount?
I have someone who is interested in purchasing this building once it goes back on the market- as they obviously can't get it now, due to the fact that its under contract and closing in a few days...But they would want to buy for $200k vs. $300k.
Can anyone give their opinions on this scenario?
Any info would be helpful. Thanks.
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