Has anyone experience this? I had a closing scheduled for today, and today we learned that the buyer's lender which is Bank of America (FHA), requested to have Line 10 (the No Flip Clause) of seller's approval letter stricken or removed from the approval? (Same Lender).
If Bank of America does not removed Line 10, the buyer can not get title insured? I was reading Bob Massey's tips on getting this clause removed from the short sale approval, but to no avail with Bank of America's representatives. I sent an email to the Team Leader in hopes of getting a better response.
I am being told that this CAN be removed? Any comments on this?
Did you have any luck with this? I am in the same situation now :)
Why do they need it removed for an FHA loan? Makes no sense at all but is par for the course with Bank of America on their lending side.
Since when does Bank of America insure title? Get your title agent involved and have them let BofA know that clause does not need to be removed for clear title
No, it isn't an FHA loan. I've been working with the title agent of course. The problem is that there have been several bullentins from title insurers stating that they do not want to insure policies when that verbiage (and some other items) are in the actual approval letter. Thanks for your reply though :)