All Forum Posts by: Mario Dattilo

Is anyone having issues with BOA and Wells because you are taking title in your corporation or llc? Bank of america countered with something like "because the buyer is an LLC we are countering with 154k" and told my negotiator that they are doing it because they are seeing too many investors buying fixing and flipping and making a profit. Talk about haters. If they didnt suck at what they do then it wouldnt be happening. Wells said they wouldnt sell it to me in my S-corp and i could choose to submit a new contract in my personal name. Both said this within a week. My negotiator was pretty suprised and he said he has heard this more lately with the bigger lenders. anybody have the same issue? any ideas?

I thought about buying in personal name and then deeding it to my company but on some deals we are using a line of credit and its in the company name.

M.

I'm in MN and John hit it on the head. You could always attempt to buy the sheriff certificate from the lender but its not likely if its a large lender but a local bank is a possibility. Still buying the redemption certificate is the most efficient way to do it.
M.

My bet is Citi is just servicing the note and that is why it is inconsistant with the others. You got a spiteful investor. Keep us posted.
M.

Transferring into a land trust will avoid breaking chain of title. I have done all simos using land trusts.

Do your research on back to back closings using a land trust. The land trust will eliminate the break in chain of title and will remove your issue of title seasoning.

I'm in Savage MN. I do everything with land trusts. All the MN folks get connected with me.