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making payments to his lenders until he is ready to leave. Tell him that it is very likely that if the lenders do agree to discount the payoff (give him the short sale), that he will be given a list of stipulations to be met among them being that he cannot receive any benefit or be allowed to stay in the property. In one instance, a bank might prefer an all cash offer over a (higher) offer with finance contingencies.
Furthermore, there is a requirement that the seller not be associated with the buyer. When I purchased a short sale from Chase two years ago, both myself and the seller were required to sign an length affidavit wherein we stated we 1) did not personally know one another, and that 2) we had not entered into any agreements regarding the property prior to the transaction.
So what can I do to improve my chances of getting the bank to accept my deal? Since now the seller wants to sell to someone that allow him to stay and rent. I plan on using our family realtor to represent me.
the property needs to be exposed to the open market.
He offered me the prop. with the condition that he gets to stay and pay rent for 3 4 years until he retires. I told him although we have known eachother for a long time I wouldn be willing to do that. (against the law) obviously things went sour from there and now he has other buyers in mind that he will try and get to go along with his condition. I told him no problem but I will still be submitting an offer to the bank once it is listed. He went on to tell me that he regretted telling me now etc. etc. I told him he is required to list it and I would have found out about the property anyways along with many other people as Nike Sweaters For Women
I agree with the posters who recommend you find another deal. The connection you have through your family to the seller, along with his request to remain a tenant after the sale, are both red flags.
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contacting the bank directly if you feel your offer is not going to be presented.
Lenders have evolved the practice of short sales significantly since 2008. They are very alert to the potential of collusion. I recommend reading the interview linked below:KC: Effective in September 2010, Freddie Mac required our servicers to use an arm's length affidavit, a short sale affidavit. We don't provide a form. Our servicers create their own form, but it has to contain specific elements. The parties have to be unrelated. It has to be a true arm's length transaction, unaffiliated by family, marriage, or c commercial enterprise. There can't be agreements or contracts between the parties that the borrower will remain in the property as a tenant or later obtain title. The borrower, seller, and purchaser can't receive funds or commissions from the sale. And there are no agreements or contracts relating to the sale or subsequent sales that haven't been disclosed. All the parties understand that the lender and Freddie Mac are relying on the statements and the affidavit as consideration for the short sale. The parties agree to indemnify the servicer and Freddie Mac for any and all loss resulting from an intentional misrepresentation or negligence made in the affidavit. So, if the buyer or the third party facilitator knew of a subsequent deal and they signed it, there would be repercussions. And this affidavit needs to be signed by all parties to the transaction: the buyers, sellers, the listing agent, the selling agent, any third party facilitator or negotiator that's involved, as Nike Sports Bra Maroon well as the closing agent.
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Tell him that if he wants to stay in the property that he will have to keep Nike T Shirt Mens 2017
Short sale strategy
I believe the seller has a legal obligation to the lending institutions to submit all offers for consideration. In one instance, a bank might prefer an all cash offer over a (higher) offer with finance contingencies.
I never seen a bank require this. In fact, I know several banks that will require only a single offer be submitted and if multiple offers are submitted, the file will be kicked out and you have to start over. Other banks don say that you can submit multiple offers, but if you actually do, you end up with confusion and delay.
So, your seller will most likely encounter legal difficulties should he try to negotiate his continued occupancy of the house after the short sale.
I sure i leaving out lots of info. Just ask me for any specifics you need to help out and I will post back.
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