These are words that no home seller or buyer wants to hear when they have been waiting on a response from the bank to their short sale offer. After weeks or months of waiting patiently (sometimes), nobody wants to find out that their offer has been denied by the bank. Unfortunately this is becoming more frequent when the buyer is an LLC or corporation.
Why is this? Many times, it comes down to missing paperwork.
Although there are many reasons for a denial, complete documentation should not be one of them.
As banks continue to try to define their short sale processes, we see requests for things that possibly were never needed in the past. If you want to decrease the amount of time that it takes to get an approval, remember that not only are banks looking to net the highest price possible, they also want to ensure that the sale is an arms length transaction and that no deals exist between buyer and seller that would allow the seller to occupy or retain possession of the home.
The following is a list of documents that you will need to provide to the short sale listing agent if you are buying as an LLC or as a corporation:
Documents if buyer is an LLC:
1. Fully executed Articles of Incorporation / Organization and Operation Agreement (contains Members Agreement which lists Officers and their ownership interest in the company)
2. Proof of funds in the LLC’s name
3. Proof of the buyer’s connection to the LLC
Documents if the buyer is a corporation:
1. Copy of Articles of Incorporation
2. List of Shareholders and Officers
3. Proof of funds in the Corporation’s name
4. Proof of buyer’s connection to the Corporation
Other documents may be requested and should be provided ASAP so that additional delays dont happen.
If you have questions about short sales in Georgia, Homes by Ursula, Inc with Keller Williams Realty First Atlanta can help. Ursula Lowther has been listing and selling short sales since before anyone had heard of them. Ursula has trained other agents around the Atlanta area on the short sale process and continues to learn new things about short sales every day.
When you are ready to sell your Atlanta Home, if you owe more than the current mortgage balance, call us at (678) 825 – 4428. We Can Help!
Homes by Ursula specializes in Atlanta area short sales, home buyers and short sale listings in Georgia. Urusla Lowther works with Keller Williams Realty First Atlanta and is the Metro Atlanta Short Sale Expert.
If you or someone you know are thinking about buying or selling Real Estate in the Metro Atlanta, Georgia area, Please call us at 678.825.4428 or visit our website at www.HomesByUrsula.com
Keith and Ursula work to understand your motivation and your goals when you are ready to buy your next home or sell your current home.We work to ensure that the sale of your home happens smoothly and for Top Dollar. At Homes by Ursula, we understand that clients come first and your complete satisfaction is our main goal. Don’t choose the wrong Real Estate Agent – Make the Right Choice – Choose Homes By Ursula!