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Posted by John Fosterling on January 14, 2013 at 5:45am in Short Sale Discussions

Good Morning, I have a deal where ING is the lien holder.  They rejected our 1st offer of $80,000 and countered us back to $100,000.  The buyer walked and we received a new offer from an LLC for $100,000.  ING rejected the offer because the buyer is an LLC.  I understand not lending to an LLC, but not letting an LLC purchase a property, all cash???  Why should it matter to the bank?  Isn't that discrimination or is it just that ING does not ever approve short sales?  Any input would be greatly appreciated, thanks!

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Replies

  • Joseph Alfe January 15, 2013 at 7:07am

    Also be prepared for ING cutting your commission to 4-5%, refusing to pay seller attorney fees, and dictating the use of their title/escrow company.  They can do what they want because they own the loans.

    www.josephalfe.com

  • Wayne Brooks January 14, 2013 at 11:21am
    Sounds like an overly cautious stance against flipping. Most lenders won't sell to land trusts, some not to corp.s. buyer could resubmit as individual, if they are willing.
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