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    madeline1031's Avatar
    madeline1031 Posts: 3, Reputation: 1
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    #1

    Nov 1, 2009, 12:46 PM
    Members of LLC don't want to sell property
    My husband and I own a property along with two other members that don't want to sell the commercial property because they think the market is going to come back and they can make 200,000. We have a buyer that will give us 800,000 for it now. We want to sell, they won't agree to sale so we want to sign it back over to the bank. The buyer can then buy it from the bank for the 740,000 that is owed on it wiping out the debt. We are in the state if WI, what is the most quick way to do this.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Nov 1, 2009, 07:13 PM

    You can't do anything unless the other members who are the owners are all in agreement.

    ** unless you have specific buy and sell agreements or a agreement to the LLC that gives you the authority to do this.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Nov 1, 2009, 07:22 PM

    What makes you think the bank will take it back? That is unlikely, even if you could do it.

    What you need to do is look at the agreement you all signed when the LLC was established. It may provide for you to force the other partners to buy you out if they refuse to sell.

    Or you may have to sue them.
    madeline1031's Avatar
    madeline1031 Posts: 3, Reputation: 1
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    #4

    Nov 2, 2009, 11:28 AM
    We've already talked to the bank, they would do a foreclosure. The buyer has no problem buying it from our bank in which the banker has already talked to him about financing it. Just a side note- the other members only have a 20% ownership.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #5

    Nov 2, 2009, 02:06 PM

    And why would you want a foreclosure against your record. Why not arrange a short sale?

    Also, if the other members only have a 20% interest and the ones who want to sell have a majortiy interest, then what do the rules of the company say about voting rights? If you have a controlling interest, then you don't need them to agree. Just hold a vote, have the vote recorded and go ahead with the sale!
    madeline1031's Avatar
    madeline1031 Posts: 3, Reputation: 1
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    #6

    Nov 2, 2009, 03:30 PM
    The members have a 50% vote on the sale or rental of a unit (this property is a strip mall) so a short sale would still be a sale needing all members to be in agreement.
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