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I've heard that and saw the language that was posted on SSS when the discussion was taking place. I also showed it to my SS attorney. A notice of approval might satisfy the requirement, but we're not in CA. If the law/rule requires that the actual approval letter be shared, and not a notice that outlines the key points of the letter, I'd think about taking the matter to RAPAC. The approval belongs to the seller and no law/rule can force you to violate fiduciary -- it's cases like this that might get that requirement changed.
There's no real reason not to share the approval letter with the Buyer. With the Seller's permission, if the agent removes any personal information such as account number, etc. from the letter who really cares? Providing the letter keeps the Buyer feeling good about the transaction. There's no reason to "hide" anything. Why does this requirement need to be changed?
Thom brought up a good point it may not be true cash - or something where they are pulling equity from something else (I've had that presented as "cash" before) or a bridge loan, etc.
BUT I find this to be a constant problem where lenders, buyers and their agents and closing agents all think b/c the approvals are for a later date they can just take it upon themselves to ignore the contract date and close by then- or just tell me to get an extension even though I tell them they are final up front. As we all know closing on this can be a nightmare due to all the last minut things that pop up. PLUS Green Tree requires funds to be received the day of their extension- this means wire needs to be confirmed and closing needs to take place prior.
Have you checked with Green Tree yet for an extension even though they may have said before none? They really have nothing to lose as 2nd as long as you can keep it at the same price. I suprisingly just got a 2nd extension with them.
be very careful with this,,if BofA finds out that the buyer is a broker, they may kill the deal. BofA has in informal policy that they do not want agents buying their distressed properties.
Paddy Deighan J.D. Ph.D
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