What's The Penalty For Breaking The "Arms Length Transaction Notice"?

Reblogger Donald Bradbury
Real Estate Agent with Bradbury Team Prudential Patt, White Real Estate

Well I thought this was a very well written article and I enjoyed reading it.  I thought it was worth a re-blog so others could also do the same.  Thanks Don

Original content by Bryant Tutas BK607690

Short Sale negotiator

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.

Kissimmee Florida Short Sale

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 the Arms Length Transaction Notice and signed it. Shortly thereafter the transaction closed and all was well.

Recently, and several months after closing, I was driving around and bumped into the Sellers. They were standing in the front yard of their old house. The one we did the Short Sale on!!

I pulled over to say "Hi" only to find out that they did not move and had signed a lease with the Buyer. I guess this all went down after closing. YIKES!!!

So what do we do now? Will the lender find out? Can I be held liable for an act I wasn't aware of? Can the Short Sale be rescinded?

What say you?

Are you facing foreclosure in Florida?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

Copyright © 2011 http://www.brokerbryant.com/ | All Rights Reserved

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At

Spam prevention
Show All Comments
Rainmaker
1,002,797
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Donald:  That's an easy question to answer.  You get your arm broken.  And yes, after that, you get your ugly jumpsuit.

Jan 14, 2011 07:47 AM #1
Rainer
82,703
CA RE Licensing
CA RE Licensing - Orange, CA
Pass your TEST or Renew..Click Here

Wow sounds real interesting.  No one is sure of the trailing liabilitynow days even the attorneys.  Please let me know the outcome.

 

Your Calif Destination referral source.

 

Mike Capobianco

yourealtorforlife@sbcglobal.net

Jan 14, 2011 07:48 AM #2
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
1,005,405

Donald Bradbury

e-PRO, Realtor - Bucks County PA - 610-952-3578
Ask me a question
*
*
*
*
Spam prevention

Additional Information