Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on March 3, 2015 at 5:49am

The Servicer's request for it is part of their due diligence for these paragraph's in the Mortgagee Letter.

(a) The sale of the Property is an “arm's length” transaction, between Seller(s) and Buyer(s) who are unrelated and unaffiliated by family, marriage, or commercial enterprise. Additionally, the transaction is characterized by a selling price and other conditions that would prevail in an open market environment and there are no hidden terms or special understandings that exist between any of the parties involved in the transaction including, but not limited to the buyer, seller, appraiser, broker, sales agent (including, but not limited to the listing agent and seller’s agent), closing agent and mortgagee;

(b) Any relationship or affiliation by family, marriage, or commercial enterprise to the Seller(s) or Buyer(s) by other parties involved in the sale of the Property has been disclosed to the Mortgagee; 

http://portal.hud.gov/hudportal/documents/huddoc?id=13-23ml.pdf

Permalink Reply by Craig Bartels on March 3, 2015 at 6:02am

thank you.  

This buyer agent responded that his buyer "has bought thousands of properties and never ran into this issue".  I know the buyer has bought many many, but don't know how they have not ran into this before.,..