Hello fellow Superstars! Has anyone out there ever been told by PNC that they ONLY accept an LLC as a Buyer, and that they will not allow an INC as purchaser? And, if so- WHY?? I'm kind of getting, "because we say so" answer...
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Additionally, they will not let ANY members of the Inc. purchase the property under their legal name...? I am baffled.
I've never had that be an issue with PNC or any other short sale lender. I would escalate that issue. It should make no difference to the lender which type of business entity purchases the property so long as they have the correct entity documentation. I'm sure the person you are dealing with doesn't even know what an LLC is . . . I would escalate it.
Me neither! The negotiator says its just their "policy" but that she can not provide it in writing... I have a call in to her supervisor, I'll let you know what happens. BTW, do you know if OFAC could have anything to do with this?
I have not run into that particular problem at PNC. With other lenders, I have found that many prefer INC over LLC, so for PNC to ask for the reverse is really strange. If you can't get anywhere, you can always close the file and reopen it with somebody else at PNC who will undoubtedly have a different opinion.
Unfortunately, I keep getting the same credit analyzer who obviously has power issues, its our 3rd go around!
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