Walnut Creek Short Sale Update | Bank of America Policies for LLC

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Walnut Creek Short Sale Update | Bank of America Policies for LLC Purchasing Short Sale Properties

Walnut Creek Short Sale Experts have an update from Bank of America regarding some of their policies for a LLC or corporation purchasing a short sale.

Most people purchase a property in their own name as an individual, or they might take it with their spouse or somebody else. But if the property is being purchased by an LLC, the following documents are going to be required by Bank of America to move forward. One is the fully executed Articles of Incorporation, and the Operation Agreement. Proofs of funds have to be in the LLC’s name per Bank of America.

So if they’re putting 25% down, they’re purchasing the property it can’t be in John Doe’s name. It has to be in the name of the LLC and in the LLC’s bank account. This is a requirement for Bank of America on their short sale approval. Also included must be proof of buyer’s connection to the LLC, whether they’re a member or however their affiliation is to that LLC.

Same thing with a corporation, if its corporation an S Corp or a C Corp that is purchasing the property, that’s a short sale; a copy of the Articles of Incorporation, a list of the shareholders and officers, proof of funds in the corporation’s name, not in the individual’s name but in the corporation’s name; and proof of buyer’s connection to the corporation. This applies to any Walnut Creek short sale with Bank of America.

So if you have any questions on how that works, if you’re looking to purchase a short sale, and you are purchasing it through an LLC or a corporation, you’ll want to talk to us a little bit about getting prepped to do that, or of course, if you are looking to sell your Walnut Creek property as a short sale we specialize in that as well. We work with all lenders including Bank of America and even smaller banks and credit unions.

For more information on our properties and services we provide for Walnut Creek short sales with Bank of America, please visit our YouTube page