Dealing with the Seller as Company

I have a question to more experienced guys. When the Seller in a short sale is a Florida LLC, but they have cosigned on the loan, do they have to submit all their personal information, financial statements, or still just the taxes and financials on the LLC? Is there any difference?

Views: 55

▶ Reply to This

Replies to This Discussion

Permalink Reply by Keri Sweetland on March 14, 2012 at 6:44am

 Ask the principals who is on the note and who is on the deed.  Whever is on the deed needs to sign all the contractual items and whoever is not the note will be the one providing the financials-they may be the same, they may be different.  I have seen where the LLC ownes the property but the LLC is not responsible for the note and the principals have personally financed the LLC's property-hope this helps! :)

Permalink Reply by Jon Zolsky on March 14, 2012 at 8:06am

Thank you, Keri. I have requested that the sellers check their promissory note, but I need to tell them to read their mortgage as well, as it may set forth the procedure

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************