CHASE-ARMS LENGTH TRANSACTION

I received a HAFA approval and it has language for arms length transaction...I represent the seller.

 

The buyer is the seller's daughters mother in law...is this a problem?

 

Thanks from Pismo Beach.

 

 

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Permalink Reply by Mike Horton on October 16, 2011 at 7:17am

Chase will deny it, flat out. The relationships does not have to be blood relationship. Its a grey area but if you know them (friends, neighbors, business associates, etc.) it will get denied.

Permalink Reply by Joan Lorberbaum Moore on October 16, 2011 at 2:30pm

IMO it walks and quacks like a duck. I'm surprised you weren't aware that you and all parties to the transaction would be presented with an arm's length transaction affadavit.  It is imperative that the relationship is disclosed.

Permalink Reply by Linda Susan Fox on October 16, 2011 at 6:10pm

Any member of the family is not arms length.  The arms length document has to be signed and notarized by all parties to the transaction.  Your real estate career is on the line.  I would look for another buyer as they may pull the short sale if they find out the buyer is related. 

Permalink Reply by Samantha James-Tharp, PA on October 17, 2011 at 6:01am

That is not an arms length transaction.  If you want that to go through don't disclose and don't hold your breath.

Permalink Reply by William Hampton on February 4, 2013 at 2:35pm

Does anyone have a  specific CHASE Arms length Affidavit  Socument that they dont  mind sharing.  I closed a file last week and they are threatening to send the funds back to the title company if we dont provide this document.

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