Buying a short sale property....

[uquillas06]

What is the name of your state (only U.S. law)? Florida

I have been in the process of a short sale for the last 5 months and it has been a nightmare! Today I received a new form from the sellers agent which states that I swear that I do not work for or am a family member of XYZ bank (the bank the property is currently with) however I am an employee of said bank and it is a fact both parties have been aware of since the beginning. They are telling me that it is standard paperwork and just to sign and send back however I am a concern about it. Can the bank refuse to sell me a house they hold because I work for them? Should my realtors be telling me to sign this form??

Thanks

 

[LdiJ]

What is the name of your state (only U.S. law)? Florida

I have been in the process of a short sale for the last 5 months and it has been a nightmare! Today I received a new form from the sellers agent which states that I swear that I do not work for or am a family member of XYZ bank (the bank the property is currently with) however I am an employee of said bank and it is a fact both parties have been aware of since the beginning. They are telling me that it is standard paperwork and just to sign and send back however I am a concern about it. Can the bank refuse to sell me a house they hold because I work for them? Should my realtors be telling me to sign this form??

Thanks

You absolutely should NOT sign a form that contains a flat out lie, which is what this form contains. I do not know whether or not the bank can refuse to sell you the house, but you should NOT sign that form.

 

[tranquility]

Yes they can and no you shouldn't sign documents claiming falsehoods.

The reason is the "Bank" is not a single entity, but one made up of all the employees. Consider how one employee with decision-making powers can profit if the bank did not have such a rule.

 

[justalayman]

. Can the bank refuse to sell me a house they hold because I work for them?

You state both agents are aware of your association with the bank but is the bank aware of that association? Given the fact that some employees within the bank could cause a sale that is not in the best interest of the bank, the bank most certainly has the right to prevent a sale to an employee of the bank.

That doesn't mean they will but they can.

If you sign that and the bank later finds out about the deception, I would suspect your tenure with the bank will come to a quick end. The best action is to find out if the bank will block the sale and if there is anything they require of you to allow the sale to proceed. Be open and honest about it now or realize you have just lied to your employer. Most employers do not like to retain employees that lie to them, especially when it involves the bank possibly losing money because of it.

 

[BigMouthWino]

If you sign that and the bank later finds out about the deception, I would suspect your tenure with the bank will come to a quick end.

This is the least of OP's worries if he executes false documents in the course of obtaining a mortgage on the property he could enjoy a stay in FEDERAL PRISON.

 

[justalayman]

This is the least of OP's worries if he executes false documents in the course of obtaining a mortgage on the property he could enjoy a stay in FEDERAL PRISON.

Really? Care to tell me how the document in question would relate to an application for a mortgage? Two totally separate issues.

 

[Jimhassel]

I would definitely suggest you that don't ever sign such forms in short sale. Do not waste your time in such falsehood. And take help of licensed Realtor when buying such property.

 

[bettyjmaar]

Taking help of licensed Realtor will help you in finding some really good cost effective property. There are a lot of inexpensive properties in the market today. Among the cheapest properties in the market today are the short sale homes.