Comment

Comment by Bob Hanley PSC/EC/CDPE/e-Pro on September 23, 2010 at 3:34am

Why can't the seller (LLC) transfer title into his/her/their names?

Comment by Brigitte Powell on September 23, 2010 at 3:31am

Well they should have noticed on the Seller's paperwork...no?

Comment by Kristie DeLay on September 23, 2010 at 3:29am

I don't know. I had sent them several different HUDs prior to this, you think someone would have noticed. Although, the negotiator told me yesterday that she just found out on Tuesday that this particular investor will not accept e-signatures. I wonder if she was unfamiliar with the investor? Naw--I am giving her too much here. Guess I have been swinging the wrong color cat!!!

Comment by Brigitte Powell on September 23, 2010 at 3:16am

Kristie......"what the HECK" is right. Did they not know that prior to this....and if so why not?

Comment by Kristie DeLay on September 23, 2010 at 3:11am

Thanks for your comments. The bank won't allow us to transfer title from LLC into borrower's names. They didn't even want to see the operating agreement.
So, my big question now is, how do you find out who the investor is? Will they give you that information? I would love to speak with him/her directly.
And, yes, it's not as simple as just changing the seller on the HUD. Title company won't do it, and I can't say I blame them. They did offer to include all names (LLC and two borrower's) and confirmed with the buyer's lender (a private source) that it would be okay to do that. (Closer said that conventional sources won't allow both as sellers.) It really seemed like things were going well, communictions with negotiator were productive, then all of a sudden I receive a voice mail from her while I was in a meeting stating if I couldn't get the HUD changed in 3.5 hours, she was cancelling the deal! What the heck??? (That's not what I really WANT to say, but I toned my comments down for the general listening audience!)

Comment by Brigitte Powell on September 23, 2010 at 3:09am

LOL!!! GO JOE!! :-)

Comment by Bob Hanley PSC/EC/CDPE/e-Pro on September 23, 2010 at 2:32am

We had one where the seller had the property in an LLC and the bank required him to transfer it out of the LLC into his name.

Comment by joe beauchamp on September 22, 2010 at 7:27pm

So, change the seller on the HUD? I assume that you thought of that and there is some other issue here which you didn't point out?
Negotiators come in all flavors - standing on one foot or swinging a dead cat over your head to make them happy is not unusual and easier than fighting the wealth of incompetent negotiators.

If you feel you are right (for instance, you may know that the investor will NOT do a short sale if the seller is an LLC, so no point in pushing it), go to his manager for an explanation and possible resolution. If this is NOT an investor criterion, explain that you will be chatting with the investor about why he didn't get paid when the SS satisfied his requirements and that you want his name and ID so that when the seller sues for being forced into foreclosure by him (and all the others that you have their information for), you want to be sure that he is personally sued for representing the bank in this -- uh, etc.

You might also try the investor to see if it is their rule or this pinhead negotiator being a jerk (or the next idiot in line who is telling him that you have the wrong color shoes or something).

If this is a bank/pinhead thing, probably your biggest weapon is letting them know that you cannot make this change (I assume you aren't the pinhead? and just being obstinate? HA!) and you will be sure to turn over the names and ID's to the investor of everyone who stopped you from paying the investor when it met the investor's guideline - (and, btw, you can expect a personal lawsuit from the seller for arbitrarily ruining his credit unnecessarily... - these people rarely care if the bank is sued, but you bring in them personally, if they are high enough up in the chain and they know it can happen - you bring in criminal charges for something and jail time tends to make them pay a little more attention, too).

Comment by Kristie DeLay on September 22, 2010 at 3:46pm

Anyone ever dealt with the title being held by LLC and loan in individual borrower's name? We negotiated down to the last $.91 and negotiator tells me the seller has to be changed on the HUD...won't allow a quit claim deed to correct. Deal is likely a bust, but curious if anyone has found a workaround for this situation.

Comment by Cami Pinsak on September 22, 2010 at 12:27pm

@Bryant - No HAP on this as they have a refi second.
@Kylee - got Brian Moynihan in the loop, but will add David. Stay tuned!!

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