Replies to This Discussion

Permalink Reply by Smitty on March 19, 2012 at 12:29pm

It's probably Freddie Mac backed.  I'm not sure you can even buy it in an LLC.  It's not Chase's rules, its likely the investor rules and it's probably Freddie Mac behind it.

Yes, that's the rule and it's no where in writing.  You can even call Freddie Mac and ask.  They will tell you it's not in writing but it's just the way they "like things done" to prevent fraud..it's really ridiculous.

Permalink Reply by Cindie Schulz on March 19, 2012 at 12:42pm

Thank you Smitty, you are right, the investor is Freddie Mac.

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on March 19, 2012 at 12:59pm

I agree with Smitty - I don't believe your buyer will be able to buy it in any but an individual's name.  You don't want to get to closing and have them stop it!

 

Good luck,

Permalink Reply by Cindie Schulz on March 19, 2012 at 1:05pm

Your right Thom. That's why I'm asking now.

The person from Chase didn't seem to know for sure and when I asked her to check with her supervisor, she seemed offended, took a couple of minutes and then told me that what she told me was correct.

I was uncomfortable with her answer.

Thank you for responding.

Permalink Reply by joe beauchamp on March 21, 2012 at 7:17pm

Freddie Mac will sell to LLC's - and they are essentially corporations.  It is just plain stupid to have a rule that says LLC's are OK but LLP's and INC's are not.  Sort of like saying that they only sell to corporations whose ID is only  even.

As usual, someone at Chase talking w/o facts.

Permalink Reply by Cindie Schulz on March 22, 2012 at 3:18am

I agree Joe, it's crazy.

I emailed Freddie Mac to make sure and this is the reply they sent:

The buyers name has to be an individual, LLP or LLC.

 

I appreciated that they responded.