So you have your approval letter and now you are running into problems with the Buyer’s government backed loan. Whenever you take on a short sale an important consideration is the Buyer and the Buyer’s loan. For example, if the property is in unfit condition and requires some repairs prior to making it livable, the…
- Tag: Government backed loans
What Agents Say
Most all banks have an Arm’s Length Transaction requirement. The Buyer cannot be related to the Seller, be business associate or a close personal friend. There cannot be any side agreements between the Buyer and Seller regarding money, rental agreements or future options to purchase. Many banks have the parties sign affidavits or certification documents to that affect. Speak with one of the North Carolina short sale lawyers at Wilde Law Firm, PLLC today to confirm your short sale is an Arm’s Length Transaction.