All Forum Posts by: Joe Bruck

The folks here on bp are contradicting what google describes arms lenth as any relationship 'blood or no blood'

The bp guys are saying arms length is only 'blood relative' 

Am i missing something? 

 The lender is saying if you have a business relationship then its considered non arms length such as my case the owner of the management company that I'm using his services...is also selling me a house... they think its shady business...I'm lucky that the management company owner sold it to me through a different entity so the underwriter escalated the case to upper management (i guess there is no clear cut rules...)

Is buying property from your management company considered a non arm's length transaction?

i'm in the process of doing a delayed financing exception and the lender is requesting that the purchase should have been a arm's length transaction.  

Use a credit union , like DCU ,penfed,signature fcu ,Nfcu...

Penfed is the best! i personally used them for 1 home equity loan and 3 Helocs. i did all this within the last 2 years

they are by far the most lenient lender that doesn't make a fuss over every little thing... however they made a few changes to there lending rules in 2018 ,home equity loans (not helocs) will now need a HUD-1 statement , they started charging some closing fees...(prior to 2018 they would lend you the entire amount no b.s. deductibles ...good old days) 

the list is to long... there is a good reason why people are waiting 3 months to get a equity loan    

I would assume you don't need 'one bulk payment at settlement'    the main point is to prove to the lender that the entire sale price    On the hud-1 statement was paid In full using cash only at the time of settlement...  it can be multiple cash payments... so my question is does every payment towards the property need to be specifically addressed that its for the partial payment or emd... or else your doomed?    

 My emd wire did not state a reason why It was sent to the receiving party ,the lender could argue that the wire was used for different purposes other then buying the house with cash.

When doing delayed financing on a cash purchase will the lender require the earnest money deposit 

be stated explicitly on the wire transfer note/receipt that its a emd for the property being financed?

Can anybody charm in and try to make some sense if ABC is a scam or just some 

typical bad apple clients complaining like in every business?

maybe we should make a poll?

I agree with all abov...

The short answer is no don't buy multi family because the single familys cash flow better and are way more available...