Seller is sister to realtor..problems with Arms Length Affidavit??

I was facilitating a short sale when the agent "lets it slip" that his seller is his sister..Now I'm concerned about the Arms Length Affidavit....A "processor" at Citi - told me "no worry - they just don't want the buyer and seller to be related"....but I don't think I trust that opinion....Would appreciate feedback on this....He is the broker/owner of the agency - so even if the purchase contract is turned over to another agent - is there still a conflict?

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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on August 25, 2011 at 12:47pm

Holly,

It should be fine - just make sure it is disclosed up front to the lender(s). Also, the Listing Agent / Brother should expect the commission on the listing side MAY be removed. Highly unlikely but possible.

Otherwise - keep going and get it approved and closed !

Good luck,

Thom Colby

Broker / Negotiator

Newport Beach CA

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