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Runner21, Both Buyer and Seller in 33993

is the arms length agreement in short sale only between the parties that the bank has sign the affadavit?

Asked by Runner21, 33993 Sun Apr 8, 2012

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9
No, you can't rent it back to them. Why would you want to rent to someone who most likely hasn't been paying anything to live for maybe years. Tenants are a dime a dozen. Put it on Craig's List.
1 vote Thank Flag Link Sun Apr 8, 2012
Do not mislead a bank, get caught and you won’t need a place to live, one will be furnished for free.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Tue May 22, 2012
No party in a Short Sale can be related, or hold an outside interest. Homes can not be rented back to the borrower. Parties signing the Arms Lengh Transaction include the Buyer, Seller (borrower), Listing Broker, Selling Broker. Hope this helps... Diane Palermo, REALTOR, CDPE, Certified Distressed Property Expert, Cape Coral FL
0 votes Thank Flag Link Tue May 22, 2012
It is applicable to the parties of the agreement, the realtors (listing agent and buyers agent) and I have known this agreement to also include family members of the seller.

Sarah Garrett, Realtor
ALLIANCE REALTY GROUP
"Chosen Best in Client Satisfaction2006-2011" by Gulfshore Life Magazine
sarahgarrett@argfl.com
http://www.flrealestatebuysell.com
Web Access to MLS:
0 votes Thank Flag Link Sun Apr 8, 2012
The short answer is yes however you need to read the terms of the arm's length transaction agreement very carefully as different lenders have different terms.
0 votes Thank Flag Link Sun Apr 8, 2012
If a person name is on the tile but not the note or the arms length agreement or the short sale approval letter from the bank then is it ok to rent them the property after closing??
0 votes Thank Flag Link Sun Apr 8, 2012
Yes, buyer, seller and both agents (listing and selling). Contact me if you have further questions about short sales.
Kate Painkin
Prudential Florida Realty
239-823-6883
KateandJerry2006@yahoo.com
0 votes Thank Flag Link Sun Apr 8, 2012
To answer your real question, the answer is yes....they will find out.
0 votes Thank Flag Link Sun Apr 8, 2012
Yes, how could they hold anyone that is not a named signer to anything?
0 votes Thank Flag Link Sun Apr 8, 2012
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