![]() ![]() Heck, that would mean you could not sell your house to anyone unless they rode in from out of town:) What if you live in small town where everyone knows everyone. So now the bank would ascertain that this is NOT an arms length because the seller has the hots for this lady? He knows her now? Hmmm, I think some of this language is way too out of line for ordinary circumstances on how the word gets out that your house if for sale. She likes it, he calls his agent who writes up the offer. They chat for a couple of hours and then make arrangements for this lady to come and look at his house. They go to have their coffee and they hit it off. I will buy you a cup of coffee and tell you about my house that I have listed for sale. She then says she is looking to buy a home in this neighborhood. The seller goes to Publix and as he is standing in line at the check up a young lady in front of him starts up a conversation with him. There is one we see that says the seller is not selling the house to anyone they know or have met, in a nut shell. The other thing I hate about some of these arms length's language from certain lenders is the language itself. It is a rule of the lenders not a state or federal law. But the arms length notice itself is not a law. If you sign it and then lie about it, you are lying under oath which is then breaking the law. The main thing to remember is that the arms length affidavit is a document that some lenders require to be signed as part of the short sale transaction. And if the seller has a garage sale and the buyers happen to come by and buy things in their garage sale that is their business and does not need to be put on the HUD. There is also nothing illegal about chattel agreements contrary to what people say or think. Not all lenders make sellers or brokers sign arms length transactions. Because we get NON arm lengths transactions through. They can do whatever they want to do and bear the consequences of their actions.Īnd writing offers from people in the same family who have the same last name is not a crime. If they don't tell me anything and 2 years later they are renting the house and someone tells me in the grocery store that is not my problem and I am not judging them. Make sense?īryant- To tell you the truth, I really don't care what the seller does after closing as long as I don't have a part in it, as long as I don't know anything about it, etc. The judge will laugh at you and find you guilty. When caught you go in front of the judge and try to explain that when you signed the agreement you had no intent of trespassing but then changed your mind. 2 days later you change your mind and trespass. Then signing an agreement to that affect. Your argument is like stating " I promise not to trespass on your property". If it's a battle you want to fight by all means fight it. It's not about the timing of the signing. If I speak to the buyers AFTER the close of escrow and LONG AFTER I signed an agreement that said there was no written or implied agreement that I would rent out this property from them (there wasn't a written or implied agreement), there is nothing that says I can't NOW have a written agreement to rent the property from them." You clearly are not a lawyer because you don't even understand what I am saying. I am looking for a lawyer to either back up what I am saying or tell me some case law that says I am wrong. At close of escrow there will have been no written or implied agreement. When I signed the affidavit there was no written or implied agreement. I just don't think anyone understands this except lawyers. When the arms length affidavit was signed and also by the day of closing there will not be any discussion and there hasn't been and won't be any written agreement, any implication of me renting the property back. I know the offer that has been submitted to my lender is someone who is going to rent the property out. "This is the wording in my arms length affidavit for my short sale. "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 language in the "Arm's Length Transaction Notice" is as follows: One of our Sellers over at 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.
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