Short Sales - Arm's-Length Transaction
A buyer recently asked us asked how she would go about buying her brother’s house which was a short sale. We had to tell her its not possible. A short sale must be an arm’s-length transaction.
An arm’s-length transaction is one which must take place between parties that have no familial or business connection. The question of conflict of interest is the issue, because the parties to a transaction must be independent.
Many lenders are requiring buyers to sign arm’s-length transaction affidavits if they purchase is a short sale.
Contact us for more information about short sales in the Frederick real estate market. Or use our free property search:
_________________________________________________________
The Highland Group
Chris & Karen Highland * 301-831-9947
Turning Point Real Estate – 301-831-8232
email us: isell4u2@msn.com
Text Us: 301-401-5119
Pictures of Frederick