More than likely, if you are the buyer, Bank of America will ask to see who has signing authority. I've noticed not all negotiators (from BoA) asks for it, so it just depends on the negotiator. Not to worry though, I'm sure they're just looking to see who can sign for your company.
Hope all goes well!
Ted A. Greene - Broker
JCL Realty, Inc.
But my real reason for answering the questions was to pat Sue on the back! I always wondered where all the Meryvn's employees went.
In addition you're dealing with a GOVERNMENT AGENCY who controls the actions of the loan servicer in what they require to make a decision. So with two strikes against you, and them holding all the cards, either satisfy their request or try to escalate this. In most cases, it's easier to try to satisfy their request. If not, try to call the executive offices for Bank of America and see if they can help intervene for a reasonable solution.
This is all to assume that your issue is in negotiating the short sale approval with the seller's lender. If this question is related to a buyer attempting to get financing from their own lender, then just choose another lender.
I guess you decided to write up the offer with your LLC or Corporation... is that right...?
If so, I'll throw in my opinion with Elizabeth there... sometimes the people working for these various bank servicing outfits on these short sales can get a little power hungry.
I don't think even a title company would ask for this, but I could be wrong. I took title to a property and deeded out using an LLC and they didn't ask for any corporate resolution.
I once had a BofA short sale where the bank didn't want to approve the deal of the buyer because they were taking title as a "partnership" and it was part of a 1031 exchange. When you get on objection like that, it does take some phone calls until you get to a person who has some knowledge of the business and business practices.
And as Miss Elizabeth might say, you wonder where they get these people.
You will have to just work with your agent and give them what they want.
I hope this helps...
Make it a Great Day...!!
It is entirely possible that the negotiator wants to know that the person signing on behalf of the corporation in the purchase agreement has the authority.