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Permalink Reply by JP Ott on March 16, 2010 at 12:57pm

We referred one in Oregon that the wife sold it to the husband. Still married & the bank told them to! The key is full disclosure. They may allow it, but they may say no.

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Permalink Reply by Miguel Rosario on March 16, 2010 at 1:10pm

Ok thanks. Will see what happens

JP Ott said:

We referred one in Oregon that the wife sold it to the husband. Still married & the bank told them to! The key is full disclosure. They may allow it, but they may say no.

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Permalink Reply by Nancy Nelson on March 16, 2010 at 4:34pm

BE Cautious!! Check with the lender(s) involved. Nearly all require that the transaction be true arms length. They will be the first to yell FRAUD (commited by you as a Realtor) if you don't have written approval from them stating clearly in no uncertain terms that they are aware that the transaction is between 2 formerly married parties. Fraud is the last thing that you want associated with your name under any circumstances.

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Permalink Reply by Miguel Rosario on March 16, 2010 at 4:41pm

Thanks Nancy. I like the sentence that you used "the transaction is between 2 formerly married parties" It sounds mo better than what I was going to used. :-)

Nancy Nelson said:

BE Cautious!! Check with the lender(s) involved. Nearly all require that the transaction be true arms length. They will be the first to yell FRAUD (commited by you as a Realtor) if you don't have written approval from them stating clearly in no uncertain terms that they are aware that the transaction is between 2 formerly married parties. Fraud is the last thing that you want associated with your name under any circumstances.

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Permalink Reply by Amy Lane on March 22, 2010 at 5:15pm

I was under the understanding that IF you had a previous relationship that it is still considered not an "arms length". So, I contacted the bank and they said they would see. Well, after several weeks they have come back with no. This person could not purchase. Well, now this person is very angry and possible "postal" so now the bank is considering it. How is it the bank's get to change the rules no matter what. That is what makes it hard to follow anything without any rules.

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Permalink Reply by Miguel Rosario on March 22, 2010 at 5:51pm

I know, the same has happened to me with BOA. I was calling for 2 weeks every other day, and no one gave me an answer, They just told me to send it in to see what will the investor decide. Well, I disclosed the relationship on the offer, and sent to Equator. Now just waiting to see. THanks for your comment

Amy Lane said:

I was under the understanding that IF you had a previous relationship that it is still considered not an "arms length". So, I contacted the bank and they said they would see. Well, after several weeks they have come back with no. This person could not purchase. Well, now this person is very angry and possible "postal" so now the bank is considering it. How is it the bank's get to change the rules no matter what. That is what makes it hard to follow anything without any rules.

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