ASC - No Resale for 30 Days???!!!
I got my approval letter from ASC today and it says the following:
"If closing agent has any knowledge of any sale or transfer of property within 30 days of this transaction, closing agent must immediately notify lender prior to closing, funding and/or recording."
My attorney and title company agreed that it doesn't say I can't resell immediately, but if I do they would be obligated to notify the lender and that I'd risk the lender "unwinding" the deal.
Thoughts please???? Is it worth trying to negotiate that out of the approval letter? Any other ideas? Thanks in advance!
Most Popular Reply
Tom,
A few items:
1) Make sure that you disclose your intentions to immediately resell the property in your Purchase Contract.
2) Make sure a documented demand for the Liens to be FULLY released is also noted.
Be prepared to take a stance on both of these items. If needed, have an attorney make direct contact to the Lender(s) stating the above referenced items. And make sure the Attorney has the knowledge/ experience in getting these items correctly addressed.
Be prepared to:
1) Walk away if your Purchase Contract is attemtped to be altered.
2) Buy and hold the property as needed.
Hope this helps.