When writng an Offer letter to the bank for an REO I’m guessing that I use the name of my LLC throuhout the letter, and sign the letter in the name of my LLC.
Also when writing a check (earnest money deposit) do I also sign uae the LLC name and sign in the name of the LLC.
Jake, thanks for your informative response.
Do you have bank accts in the name of your company? Do your checks have your company name on them? If you do then obviously the check will be in you’re company’s name but you still sign your name. If they don’t, and the money would be coming out of a personal acct, then I would sign the EMD check using your name. And make sure you get a biz banking acct set up ASAP.
In the offer, I would use your company name but sign your name, assuming that you’re a principal/owner of the company.
Yes Jake I do have bank accounts in the name of the company, but the check itself does not have the company name and address on it…
Does anyone know of a good small local or community bank that are investor friendly, I want out of Chase and Sovereign!
Make life easier on yourself and order some checks for your company with your company’s name them.
Where are you located so that we may possibly recommend a local bank to you?
When you opened your business bank account, you should have signed a signature card for the acct. That’s to say your personal signature is authorized to sign checks written from that account. When you make written offers on property and do other things where you have to sign things, you should sign your personal signature but then print your business name behind your signature because you are signing on behalf of your business. Your business does not have it’s own signature - rather it needs you to sign for it.
Start shopping local banks. If you find one willing to fund a deal for you, that’s probably a good place to park your money.
Thanks guys for the replies, and I am located in NYC
If you’re making an offer to a seller that doesn’t allow assigned contracts, you should make the offer in the name of the LLC. If your LLC is already formed, you should apply for a tax ID number with the IRS so that you can open a bank account easily.
When you make the offer, the signature block will be:
Your Name, Your Title
Make the offer in “your name or assignee”. So later you can do what you like with it.