Arms length transaction
If the listing agent and the seller are not related but the listing agents wife wants to put in an offer on home. Will the bank let this go thru or is this considered arms length even though no one is related to seller? Thank you
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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It will probably not go through. If it were me I'd advise my seller to not accept the offer.
Here's a chart put together by BofA that clearly outlines what will and will not work. I would apply this to all lenders.
https://agentresources.bankofamerica.com/ss_news_12DEC04
Of course there may be exceptions but I prefer to not to work in the exceptions arena if I don't have to.
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Permalink Reply by Jeanine Thames Glassman on
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It won't go through. See the chart. I just had a situation where the buyer's agent was the X husband of the seller. I thought we had arms length because he was the X. File got declined and we had to start over with a new (higher) valuation and everything. A nightmare. Don't do anything that will take the chance of getting the file declined. And if there are exceptions.....those exceptions will be on the side of the bank. Good Luck.
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