Updated over 15 years ago on . Most recent reply
Lender won't accept S-Corp offer
Does anyone have any ideas about how to handle a lender that says they won't accept a short sale offer in the name of an S-Corp?
They say that they will accept offers made by individuals or LLCs.
Thanks,
Gabe
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Bill Gulley
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Bill Gulley#3 Guru, Book, & Course Reviews Contributor
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Hi, just guessing: There might be an incentive at the state level to provide owner occupied housing, to individuals. I might also be an attempt to address issues with the Community Reinvestment Act. It might also be because they or someone thinks there is to much due diligence for them to ensure that the seller is not an undsiclosed stockholder or has other dealings with members in an LLC.
Who Knows? Bill