I’m having a little trouble with a deal and was wondering if someone could help. I have a buyer’s rep who wants to buy REOs and performing notes in northern California and Chicago. I have a seller’s rep who is direct to the bank holding such properties. Here’s my problem:
The buyer refuses to send LOI and POF to anyone other than the actual bank/asset manager. The seller’s rep is saying that the banks are requiring that she submit LOI and POF from buyer before releasing assets. Buyer has notified me that it is against California State Law to send any documentation of this sort to anyone other than the titleholder of assets.
All the buyer wants is for the seller’s rep to send over a few addresses of properties that are available for sale. If everything checks out, the buyer is prepared to close immediately with cash and when all is said and done, the process will have taken less than 48 hours.
The seller rep understands this but is holding pat to her “I Need LOI and POF to fulfill your order.”
It because the buyer doesn’t feel comfortable sending those docs to anyone other than noteholder which is the bank or whoever has the source, because too many loi’s and pof’s have been shopped around. I may be able to help… send me a pm sometime.