Posted by Kevin IL on September 25, 2003 at 23:33:26:
Will your lender put the financing in the name of your company with a personal guarantee from your partner?
I’ve bought few REO’s this way.
Agents Fight It Out, May Lose Deals!!! - Posted by Dfree
Posted by Dfree on September 25, 2003 at 15:31:10:
My partner and I have always closed title in company name, but we seem to be having a problem this time now that we’re having to use the Seller’s (REO) Closing Agent. They’re acting as if it’s going to be a problem with the title/deed documents in the company’s name and the financing/lender information in an individual’s name(my partner).
We haven’t had a problem in the past and neither I nor Our Agent can figure why she’s acting like there’s a problem. They suggested we get a new contract in the individual’s name(my partner). That’s when the fighting started between my Agent, the Seller’s Agent and Closing Agent and they’re about to make us lose our deal. The Seller’s Agent doesn’t won’t to help with a new contract(because it’s a Bank REO) and the Closing Agent is acting as if there’s going to be a problem. She hasn’t exactly said what the problem is but simply just a problem.
We thought we could just make an addendum to the contract and We and the Seller’s Agent sign/intial off on it.
If there’s any other suggestion please let me know. Closing is fast approaching and we don’t want to lose these deals (2 properties from the Same Bank w/ the Same Agent)
@pprox. 35k in each property)
P.S. Contracts are under the company’s name but the financing is under my partner’s indvidual name.