Replies to This Discussion

Permalink Reply by Sam Purtle on May 29, 2010 at 9:54am

Sylvia

All LLCs have a managing member or members. One or both managing members need to be entered as the purchaser - ie. social security and dates of birth, etc. in the initial short sale offer worksheet. Copies of the articles of incorporation will also need to be provided to BofA through equator. Most of our purchase contracts indicate the purchaser as something like - XYZ LLC, John Doe manager.

Bank of America will in my experience allow an LLC to purchase a short sale. You just have to provide the required documents.

Hope this helps

Sam

Permalink Reply by Sylvia Barrenechea on June 1, 2010 at 11:07am

Thanks Sam. The thing is that the approval letter says that the buyer is PERSON, and title company says the approval letter needs to say the person's LLC is the buyer. What can I do?

Sam Purtle said:

Sylvia

All LLCs have a managing member or members. One or both managing members need to be entered as the purchaser - ie. social security and dates of birth, etc. in the initial short sale offer worksheet. Copies of the articles of incorporation will also need to be provided to BofA through equator. Most of our purchase contracts indicate the purchaser as something like - XYZ LLC, John Doe manager.

Bank of America will in my experience allow an LLC to purchase a short sale. You just have to provide the required documents.

Hope this helps

Sam