Listing a relative's home as short sale - Short Sale Superstars2024-03-19T07:27:04Zhttp://shortsalesuperstars.com/forum/topics/listing-a-relative-s-home-as-short-sale?feed=yes&xn_auth=noLaura, just looked at WF's S…tag:shortsalesuperstars.com,2011-12-21:3468065:Comment:1986252011-12-21T04:31:42.209ZTara Samneyhttp://shortsalesuperstars.com/profile/TaraSemtner
<p>Laura, just looked at WF's Short Sale Affidavit that was signed by all parties this month and it specifically states</p>
<p align="left">(a) The sale of the Mortgaged Premises is an “arm’s length” transaction, between the parties who are unrelated and</p>
<p>unaffiliated by family, marriage, or commercial enterprise;</p>
<p> </p>
<p>If you justify it as it is arms-length anyway....you could come into a headache by signing or refusing to sign this required Affidavit. If it were me I would…</p>
<p>Laura, just looked at WF's Short Sale Affidavit that was signed by all parties this month and it specifically states</p>
<p align="left">(a) The sale of the Mortgaged Premises is an “arm’s length” transaction, between the parties who are unrelated and</p>
<p>unaffiliated by family, marriage, or commercial enterprise;</p>
<p> </p>
<p>If you justify it as it is arms-length anyway....you could come into a headache by signing or refusing to sign this required Affidavit. If it were me I would refer it out. I wouldn't hold out much hope of getting WF to delete this requirement anytime soon.</p> I had an agent at the office…tag:shortsalesuperstars.com,2011-12-20:3468065:Comment:1980932011-12-20T14:35:32.401ZKimberley Kellyhttp://shortsalesuperstars.com/profile/KimberleyKelly
<p>I had an agent at the office attempt this and their negotiator slammed the file shut..Arms length infringement. I would refer it just to not waste time in case you get a stubborn negotiator..</p>
<p>I had an agent at the office attempt this and their negotiator slammed the file shut..Arms length infringement. I would refer it just to not waste time in case you get a stubborn negotiator..</p> I am currently involved in a…tag:shortsalesuperstars.com,2011-12-20:3468065:Comment:1977712011-12-20T02:34:43.595ZDavid A. Roebuckhttp://shortsalesuperstars.com/profile/DavidARoebuck
<p>I am currently involved in a Short Sale with Chase whereby the seller and agent and the buyer and agent all had to have notarized documentation for Arms Length Agreement and in the agreement it CLEARLY stated that there could be NO connection between any of the four parties EXCEPT for this specific transaction. I am sure if this were me listing a relative's property that Chase would have had a problem with the transaction.</p>
<p>I have had others with Arms Length Agreement that were not as…</p>
<p>I am currently involved in a Short Sale with Chase whereby the seller and agent and the buyer and agent all had to have notarized documentation for Arms Length Agreement and in the agreement it CLEARLY stated that there could be NO connection between any of the four parties EXCEPT for this specific transaction. I am sure if this were me listing a relative's property that Chase would have had a problem with the transaction.</p>
<p>I have had others with Arms Length Agreement that were not as strict and specific and did not need to be notarized.</p> Teresa, I agree with you, it…tag:shortsalesuperstars.com,2011-12-19:3468065:Comment:1977282011-12-19T15:17:58.458ZJeff Paynehttp://shortsalesuperstars.com/profile/JeffPayne
<p>Teresa, I agree with you, it will be up to the lender for sure. I dont have any relatives where I live so I wont have to worry about it but if I did, I would fight the lender for all my worth if they said I could not list my families home for sale. As far as getting paid, would you charge immediate family to sell their home in a traditional sale? I wouldn't and wouldn't in a short sale either</p>
<p>Teresa, I agree with you, it will be up to the lender for sure. I dont have any relatives where I live so I wont have to worry about it but if I did, I would fight the lender for all my worth if they said I could not list my families home for sale. As far as getting paid, would you charge immediate family to sell their home in a traditional sale? I wouldn't and wouldn't in a short sale either</p> Was referred a listing from a…tag:shortsalesuperstars.com,2011-12-18:3468065:Comment:1975182011-12-18T19:17:20.513ZTonia Vickeryhttp://shortsalesuperstars.com/profile/ToniaVickery
<p>Was referred a listing from an agent who listed her son's home, B of A, and they declined because they were related. WF has an arm's length so I don't think I would go down that road.....On another note, I have negotiated a family members short sale w/ the bank while anothe agent did the listing (it was in another state) and had no problem, it was quite successful. That is just an authorization on the account and can speak to the bank. The seller's could do this too, they just don't know how…</p>
<p>Was referred a listing from an agent who listed her son's home, B of A, and they declined because they were related. WF has an arm's length so I don't think I would go down that road.....On another note, I have negotiated a family members short sale w/ the bank while anothe agent did the listing (it was in another state) and had no problem, it was quite successful. That is just an authorization on the account and can speak to the bank. The seller's could do this too, they just don't know how to negotiate a short sale w/ the bank.</p> That sounds like and administ…tag:shortsalesuperstars.com,2011-12-18:3468065:Comment:1975972011-12-18T17:22:46.857ZScott Korbinhttp://shortsalesuperstars.com/profile/ScottKorbin
That sounds like and administrative error. No good reason.
That sounds like and administrative error. No good reason. I have been told by Citbank t…tag:shortsalesuperstars.com,2011-12-18:3468065:Comment:1973702011-12-18T17:10:39.072ZLinda Kemppainenhttp://shortsalesuperstars.com/profile/LindaKemppainen
<p>I have been told by Citbank that they would not pay a commission if either agent was related to the buyer or seller. I had an agent submit an offer for her son and the bank refused to pay commission to her.</p>
<p>Bank of America declined my daughter's short sale until I had another agent in my office do the transaction for her. I do not believe it is a conflict of interest, but Bank of America said they had no way to be sure my daughter would not profit from the sale. I dont know about…</p>
<p>I have been told by Citbank that they would not pay a commission if either agent was related to the buyer or seller. I had an agent submit an offer for her son and the bank refused to pay commission to her.</p>
<p>Bank of America declined my daughter's short sale until I had another agent in my office do the transaction for her. I do not believe it is a conflict of interest, but Bank of America said they had no way to be sure my daughter would not profit from the sale. I dont know about anyone else, but I am not in the habit of giving away my paycheck, not even to family members.</p>
<p>I had good luck with Wachovia and Franklin.</p>
<p>Let us know how it comes out..</p>
<p>Linda </p> Jeff you have made very reaso…tag:shortsalesuperstars.com,2011-12-18:3468065:Comment:1974302011-12-18T16:21:02.094ZSE Davishttp://shortsalesuperstars.com/profile/ScottEDavis
<p>Jeff you have made very reasonable rebuttal arguments to this question.</p>
<p>YES BUT, one lender framed it to me in the form of a short sale fraud scenario.</p>
<p>The listing agent family member has the control and power to extend their family members time in the home for up to one year rent free via stifling negotiations with both the buyer and with "document omissions" in the short sale package submission to the sellers lender.</p>
<p>If and when it comes down to contribution…</p>
<p>Jeff you have made very reasonable rebuttal arguments to this question.</p>
<p>YES BUT, one lender framed it to me in the form of a short sale fraud scenario.</p>
<p>The listing agent family member has the control and power to extend their family members time in the home for up to one year rent free via stifling negotiations with both the buyer and with "document omissions" in the short sale package submission to the sellers lender.</p>
<p>If and when it comes down to contribution participation demands of the seller, the buyer and/or both agents of any short sale approval "funds-short-fall" this issue really comes into play.</p>
<p> </p> Thank you all for your respon…tag:shortsalesuperstars.com,2011-12-18:3468065:Comment:1973572011-12-18T16:04:25.214ZLaura Riverahttp://shortsalesuperstars.com/profile/LauraRivera
<p>Thank you all for your responses. This is a Wells Fargo cooperative short sale. I am leaning towards referring it out</p>
<p> </p>
<p>P.S. <strong>Thanks to All you Short Sale Superstars who are regulars here, I became a better and more educated short sale agent because of you guys. Here is hoping we successfully close more short sales in 2012. Thanks Wendy and Bryant for creating this group.</strong></p>
<p>Thank you all for your responses. This is a Wells Fargo cooperative short sale. I am leaning towards referring it out</p>
<p> </p>
<p>P.S. <strong>Thanks to All you Short Sale Superstars who are regulars here, I became a better and more educated short sale agent because of you guys. Here is hoping we successfully close more short sales in 2012. Thanks Wendy and Bryant for creating this group.</strong></p> BOA did not allow me to list…tag:shortsalesuperstars.com,2011-12-18:3468065:Comment:1972762011-12-18T15:08:17.517ZCarrie Zwagermanhttp://shortsalesuperstars.com/profile/CarrieZwagerman
<p>BOA did not allow me to list my Uncle's home in a short sale. I referred it out to another agency and received a referral fee. (25%)</p>
<p></p>
<p>I did not add my name to negotiations as the agent and allowed the agent to do his job. He successfully closed on the home. </p>
<p></p>
<p>BOA did not allow me to list my Uncle's home in a short sale. I referred it out to another agency and received a referral fee. (25%)</p>
<p></p>
<p>I did not add my name to negotiations as the agent and allowed the agent to do his job. He successfully closed on the home. </p>
<p></p>