Real Estate Agent · Palm Beach Gardens, FL · Member since 2017 · 199 posts · 124 votes
Hi Everyone,
I am writing an offer on a bank owned property. Of course there are multiple offers. My question is would a bank see my offer more favorably if the contract is in our personal names or in the name of our company? (We are licensed General Contractors) Or does it not matter? I know I can quit claim it to one of our companies after I secure it if need be. There are no OO requirements on this and no waiting period for OO versus investor situations. Cash sale of course.
I'm just trying to find out if banks tend to "favor" one over the other and I will write the contract accordingly.
Realtor · Longmont, CO · Member since 2021 · 577 posts · 631 votes
4y
In my experience the bank will not place a high priority on where the offer comes from. I am not a lawyer and this is not legal advice, but I would not take title in the name of the business you own. You do not want to "mix" assets under that one business entity. You do not want the property and the business both legally exposed to each other.