arms length transaction: Is Selling Your Short Sale To The Tenant A Good Idea? - 02/12/12 02:57 AM

 
In my opinion.....no...it’s not.
And here’s why. The Lenders want as much money as possible for the property. They want the property exposed on the open market to attract a Buyer at the highest price possible. They want it to be an “Arm’s Length Transaction”. The Landlord (Seller/borrower) and the Tenant have a “business relationship”. In direct conflict with most “Arm’s Length Transaction Affidavits” they “Share a business interest”.
Here’s what three of the major Lenders say about the “Arm’s Length Transaction”.
Wells Fargo Arms Length Transaction Notice:No party to this contract is a family member, business associate, or … (9 comments)

arms length transaction: What's The Penalty For Breaking The "Arms Length Transaction Notice"? - 01/13/11 11:51 PM

Hi folks. Last year I had a closing for one of my Orlando Short Sale listings. This particular lender required all parties, including the agents, to sign an Arms Length Transaction Notice. This notice basically states.....well here it is. Read it for yourself.

Of course as an experienced Orlando Short Sale Agent and negotiator I explained this notice to the Seller not only at time of listing but also when it was received and before it was signed. It wasn't an issue as the Sellers were moving anyway and they certainly didn't know the Buyer. All parties agreed to … (205 comments)

arms length transaction: In a Short Sale Transaction the "Arms Length Transaction Notice" means EXACTLY what it states. - 12/08/10 02:23 AM

Hi folks. One of our Sellers over at www.ShortSaleSuperStars.com wants to know how to skirt around the 'Arms Length Transaction" requirement of his lender and continue to live in his house after the short sale by renting it back.
The language in the "Arm's Length Transaction Notice" is as follows:
"Affiant further says that there are no agreements or understandings, written or implied, that will permit Seller to remain in the above mentioned property as a renter or to regain ownership of said property at anytime after the execution of this short sale transaction" The seller thinks thats:
"This is … (26 comments)

arms length transaction: Smart Bears or Scamming Bears? What say Pooh? - 07/27/09 12:18 AM
A few months back Baby Bear called Broker Bear to see about placing his home on the market as a Short Sale. Baby Bear had not made payments in about a year.Being the good little Broker that he is Broker Bear went over and met with Baby Bear. During the meeting Baby Bear mentioned that Papa Bear lived next door and Grandma Bear lived two caves down. Baby Bear wanted to know if either Grandma Bear of Papa Bear could purchase his cave at a reduced Short Sale price.Hmmmm......it sounded like a great idea but unfortunately the Lender, Country Cave Bank, … (90 comments)

 
Bryant Tutas, Selling Florida one home at a time (Tutas Towne Realty, Inc and Garden Views Realty, LLC) Rainmaker large

Bryant Tutas

Selling Florida one home at a time

Winter Garden, FL

More about me…

Tutas Towne Realty, Inc and Garden Views Realty, LLC

Address: 628 Grand Canal Dr, Poinciana, Fl, 34759

Office: (407) 870-9003

Mobile: (407) 873-2747

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