Acceptance Letter Dilemma
I just got my acceptance letter faxed over but there is one slight problem. I was trying to keep my name off the documents so on the contract I put the buyer as "homeowner'saddress, LLC" and same thing on the HUD1. One of the stipulations on the acceptance letter states:
"This approval extends only to the sale of the property to Mike (NC), according to the terms and conditions as stated in purchase contract dated 6/10/2004. Any modification or new sale must be reevaluated by Homecomings Financial."
Is this normal or should I request a new letter with "homeowneraddress,LLC" as the buyer.
If I leave it as is, I can double close, no problem but it is just easier for me to sell my rights to the LLC and move on to the next deal. Thoughts?!
Mike(NC)
Odd. Why would the mortgagee ignore the named Purchaser (LLC) and unilaterally decide to insert your name as Purchaser? There must have been an inconsistency along the way.
Is your end buyer a member of the LLC?
[addsig]
I'm not sure but I probably messed up somewhere and caused this so I will talk to them about getting the LLC listed as the purchaser.
My end buyer isn't a member YET, as soon as he pays me I will add him as a member and remove myself.
Mike(NC)
Your buyer might be more comfortable 'paying' you if the fee were held by an escrow agent with specific, irrevocable instructions to release the money to you upon the ocurrance of a specific event.
[addsig]
This isn't that gorgeous tract of land with the beautiful stream that meanders it's way thru meadows and woods...all the way to the petrochemical plant, is it?