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Answers (4)
- RichardKas
- Contributions:7
Thanks, but....
Amanda: what you said is what I already know. I did not make my question clear enough. The point was: is is legal for seller's lender to force buyer to discriminate? Since asking, I have found a reliable answer from FDMC policy, and it appears to be "yes."
Carolina: but closing is too late to find out. Seller will have already moved out.
Toby: again, I was referring to the arm's length documents that seller's lender requires.
Amanda: what you said is what I already know. I did not make my question clear enough. The point was: is is legal for seller's lender to force buyer to discriminate? Since asking, I have found a reliable answer from FDMC policy, and it appears to be "yes."
Carolina: but closing is too late to find out. Seller will have already moved out.
Toby: again, I was referring to the arm's length documents that seller's lender requires.
- Toby Barnett, "Barnett Associates"
- Contributions:222
The buyer's lender can.
- Carolina Hernandez, "anclarealty"
- Contributions:19
Most likely you'll get your answer, as the previous answer suggested, at closing depending on what you are asked to sign.
- Amanda Thomas, "amandathomas"
- Contributions:177
Hi Richard,
"There is no law or court decision that prohibits a buyer from selling or renting the home back to the seller after a short sale. However, many lenders that approve short sales will require the seller and the buyer at closing to sign "arms-length" affidavits or similar documents that generally would prohibit a buyer from selling or renting the home back to the seller after the closing of a short sale." Source: CLG Link
If you are in the beginning stages of a short sale, petition your negotiator for this request up front.
"There is no law or court decision that prohibits a buyer from selling or renting the home back to the seller after a short sale. However, many lenders that approve short sales will require the seller and the buyer at closing to sign "arms-length" affidavits or similar documents that generally would prohibit a buyer from selling or renting the home back to the seller after the closing of a short sale." Source: CLG Link
If you are in the beginning stages of a short sale, petition your negotiator for this request up front.
can lender forbid rent back after short sale?
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