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Is Selling Your Short Sale To The Tenant A Good Idea?

 
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 share a business interest with the mortgagor. Further, there are no hidden terms or special understandings between the seller or buyer or their agents or mortgagor.
Bank of America Arms Length Transaction Notice: The Parties acknowledge and agree that the Subject Property must be sold through an “Arm‟s Length” Transaction. Arm‟s Length means two unrelated parties characterized by a selling price and other terms and conditions that would prevail in a typical real estate sales transaction. No party to this contract is a family member, related by blood or marriage, business associate, or shares a business interest with the mortgagor ... more

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