Posted by Nate on July 17, 2000 at 16:36:43:
Some banks are a pain about not wanting contracts to be assigned. You should just make the offer in the name of the LLC rather than your own name.
Bank Forclosure and LLC? - Posted by TEW, NJ
Posted by TEW, NJ on July 17, 2000 at 14:45:35:
I have an offer in on a bank foreclosure, which I want to receive into my newly formed L.L.C., however, the agent is saying that the bank will not permit me to “assign” the contract over to my L.L.C.? Is this right? I’m paying cash for the property, what the blazes does the bank care if it goes to my L.L.C.?
Re: Bank Forclosure and LLC? - Posted by Dave T
Posted by Dave T on July 17, 2000 at 20:12:51:
I suggest that you let the settlement attorney or title company deal with this issue. The bank individual you are speaking with apparently makes no distinction between a nominee and an assignee and does not know the difference. It will probably waste everyone’s time if you try to educate. The settlement attorney will understand. Make sure that the attorney knows how you want to take title.
In the future, you may bypass the issue if you submit your offer in the name of “TEW, and/or nominee”.