I received an offer from a LLC.. Are there any bank restrictions to sell them a short sale? or is better look for a regular buyer? the lender is Bank of America/ Select Portfolio Services.
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I am working and closing my short sale listings from 2005, but a couple years ago a bank denied to accept the offer because the buyer was a company not a natural person, since this occurred ,I always request to change the offer under the owner or presidents name, but I am not sure if I am doing the rigth thing , because apparently that is not a problem any more. thank you all for your comments. greatly appreciate.
The last BofA short sale I did in Equator where the buyer was a LLC BofA denied the LLC as an approved buyer and made us do an addendum replacing the LLC with the registered agent. I am doing a BofA short sale now with a LLC as buyer and so far no problem.
Although some bank will require that you give them the Article of Incorporation to show who are the owner from the Buyer, be prepare for that.