fnma red tape

[Mark Cohen]

Just posting to see if anyone else can relate to this.

In the process of buying my 2nd rental unit...a fannie mae. I am buying all in cash and under the same llc which I purchased my first unit under.

Well so far I have had to get for them:

1 An official certified copy of my articles of organization (had to order from Ny state DOC for $35) as my copy didn't have the filling number ON it.

2 Proof of publication for my llc.

3 Operating agreement of my llc

4 For good measure a notarized resolution that I am authorized to make the transaction on behalf of my llc since in the operating agreement it wasn't "transaction specific enough". It happens to be single membered with myself as the single member.

Maybe this is the norm but I sure didn't need to do all this by my first purchase.

I should mention that I am supposed to close this Thurs. but the closing agent needs an extension to get together title ins. etc.

[J Scott]

You should be more concerned if you WEREN'T required to provide all this information.  

Imagine if I (or someone else you didn't know) tried to close a deal (or worse, a loan) in YOUR company's name -- do you think they should take my word for it that I'm authorized to sign for your company?