I am looking to review the Arm's Length Affadavit from HSBC. It is impossible to get through to them to obtain one -- anyone closed with them that would have a copy of theirs in your file? Would be super helpful!
Thanks!
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Rojane,
Did you close this file? Did they have an Arm's Length Affidavit? Just curious.
thanks,
Yes I closed this file and yes -- they had an arm's length.
Hi, HSBC had an arms length? Or did you have a different investor than HSBC because it all depends on the investor..this is the first time I have heard them having an arms length..
I have been trying to get a short sale to go through with HSBC for about 3 months now. At first they were great! Called me once a month to see if there were showings and told me to drop the price. Well finally after months of no activity we received a contract. I called the person (I was told was the negotiator) and told her what the offer was, she checked with her manager and told me that it would work. Then once we submitted the offer another person (new negotiator) contacted me and said they wanted $10,000 more. I explained to her that would not be possible. So she threw out another number to me. I got the buyer to come up to the new price... I am still waiting for approval even though it was their number we came up to... Its frustrating because now I have been lied to twice and the buyers are now not happy...
On the other hand of that every other agent I have worked with says they love HSBC and has great luck with them...me I love BOA every file has gone through no issues.
So moral of this story it really depends on who you get and how often you have to call them.
Good luck! Also if anyone has suggestions for me I would love to hear them.( by the way I'm not the greatest typist my apologize for bad grammar lol)
I have to let you know. Shortly after I wrote this I did receive the letter and we will be closing in about a week. There were several nice surprises on the letter that made my client very happy. So other then the bumpy start so far so good.
That is terrific news and congratulations !!!
I submitted the short sale package in December 2011 and had approval in 2.5 weeks. They did not request an arm's length. One of my least stressful transactions. They only pay 5% max commission
I just closed another short sale with HSBC on the 1st and 2nd loans and I don't remember getting an Arms Length Affidavit, especially because it was one of my mother's houses that we short sold. HSBC knew about the relationship as well and they didn't seem to care.
FYI...5% max commission, sometimes even 4% and 3% depending on the agent relationships.
Wow -- great information -- thanks!!!! Was it maximum 5% even with two different agents? DId you discose your relationship in the contract?
Yes, I disclosed my agent/seller/family relationship in the contract.
It was 5% for two agents with two brokerages. 4% for two agents in same brokerage. 3% for one agent representing both sides.
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