allowance: Short Sale Lender's Definition of an Arm's Length Transaction
- 08/13/10 08:00 PM
I recently received an affidavit from the seller's bank, Ocwen, requiring both agents and both seller and buyer's signatures. The affidavit contained these 4 affirmations: •1. This is an "Arm's Length Transaction" and that no party to this contract is a family member, business associate, or share a business interest with the mortgagor. •2. Further, there are no hidden terms or special understandings between the Seller or Buyer or their Agents or Mortgagor. •3. That neither the Buyers and Sellers nor their Agents have any agreements written or implied that will allow the Seller to remain in the property as … (3 comments)
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