Anyone closed with HSBC on 1st Lien??

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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Permalink Reply by Susan Walski on January 15, 2012 at 11:50am

if you send me your e-mail, I will send you a affidavit that was supplied to me by one of the banks. (I did not create this document and I am not responsible for it's content)

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Permalink Reply by RoJane Maybee on January 15, 2012 at 12:28pm

Is ti from HSBC? As if not, I have closed with many, many banks and have all of their Arm's Length -- Chase, BOA, Wells, etc. etc. My email...rojanem@johnlscott.com

Thank you for responding -- it is always good to hear from members and their experiences!

Appreciate it!

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Permalink Reply by Len McGuirk on January 15, 2012 at 2:18pm

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.

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Permalink Reply by RoJane Maybee on January 15, 2012 at 2:40pm

Wow -- great information -- thanks!!!! Was it maximum 5% even with two different agents? DId you discose your relationship in the contract?

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Permalink Reply by Len McGuirk on January 15, 2012 at 2:57pm

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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Permalink Reply by RoJane Maybee on January 19, 2012 at 1:00pm

Was this a short sale ? And..did you negotiate it as well?

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Permalink Reply by Nancy Fung Martin on January 15, 2012 at 3:57pm

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

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Permalink Reply by jenn wood on January 17, 2012 at 3:03pm

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)

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Permalink Reply by jenn wood on January 19, 2012 at 12:56pm

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.