Oakland Michigan Declaración Jurada de Venta Corta del Comprador - Short Sale Affidavit of Buyer

• Category: Declaraciones juradas - Ventas cortas - Arms Length
• State: Multi-State
• County: Oakland
• Control #: US-02761BG
• Format: Word

Description

In real estate, a short sale occurs when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor (i.e., the seller). Circumstances determine whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation. A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. An arms-length or short sale affidavit is a document created by a bank in an attempt to prevent sellers from selling to relatives or friends to act as a straw buyer. Sometimes sellers make such side agreements. Then, after the transaction closes, the pretend buyers quickly transfer title back to the seller. This practice, in affect, means the sellers have repurchased their home at maybe half the cost, which greatly benefits those sellers. Oakland Michigan Short Sale Affidavit of Buyer is a legal document associated with real estate transactions in Oakland County, Michigan. This affidavit is specifically relevant when a property is being sold through a short sale process, where the lender agrees to accept less than the outstanding mortgage balance as payment in order to avoid foreclosure. The Oakland Michigan Short Sale Affidavit of Buyer serves as a declaration made by the buyer of the property, attesting to certain facts and providing necessary information to the lender and other involved parties. This document typically includes essential details such as the buyer's contact information (name, address, phone number), the property address, purchase price, earnest money deposit, and financing details. By signing the Oakland Michigan Short Sale Affidavit of Buyer, the buyer acknowledges that they have been informed about the nature of the short sale and understand the potential risks and benefits associated with purchasing a property through this process. It confirms the buyer's intention to proceed with the transaction, providing assurances that they are acting in good faith and have not engaged in any fraudulent activities. Additionally, the affidavit may include additional sections addressing matters such as the buyer's responsibility for conducting inspections, understanding that the property is being sold "as-is," and willingness to accept the property in its current condition without any further repairs or alterations from the seller. It is important to note that while the general concept of the Oakland Michigan Short Sale Affidavit of Buyer remains consistent, there may be different variations or types depending on the specific requirements of different lenders or for specific properties. Common variations could include lender-specific addendums, additional clauses related to buyer's contingency periods or responsibilities, or specific disclosures mandated by law. It is crucial for buyers engaging in a short sale in Oakland County, Michigan, to carefully review and understand the terms of the Short Sale Affidavit before signing it. Working with a knowledgeable real estate agent or attorney with experience in short sales is highly recommended ensuring compliance and protect the buyer's interests throughout the transaction.

Oakland Michigan Short Sale Affidavit of Buyer is a legal document associated with real estate transactions in Oakland County, Michigan. This affidavit is specifically relevant when a property is being sold through a short sale process, where the lender agrees to accept less than the outstanding mortgage balance as payment in order to avoid foreclosure. The Oakland Michigan Short Sale Affidavit of Buyer serves as a declaration made by the buyer of the property, attesting to certain facts and providing necessary information to the lender and other involved parties. This document typically includes essential details such as the buyer's contact information (name, address, phone number), the property address, purchase price, earnest money deposit, and financing details. By signing the Oakland Michigan Short Sale Affidavit of Buyer, the buyer acknowledges that they have been informed about the nature of the short sale and understand the potential risks and benefits associated with purchasing a property through this process. It confirms the buyer's intention to proceed with the transaction, providing assurances that they are acting in good faith and have not engaged in any fraudulent activities. Additionally, the affidavit may include additional sections addressing matters such as the buyer's responsibility for conducting inspections, understanding that the property is being sold "as-is," and willingness to accept the property in its current condition without any further repairs or alterations from the seller. It is important to note that while the general concept of the Oakland Michigan Short Sale Affidavit of Buyer remains consistent, there may be different variations or types depending on the specific requirements of different lenders or for specific properties. Common variations could include lender-specific addendums, additional clauses related to buyer's contingency periods or responsibilities, or specific disclosures mandated by law. It is crucial for buyers engaging in a short sale in Oakland County, Michigan, to carefully review and understand the terms of the Short Sale Affidavit before signing it. Working with a knowledgeable real estate agent or attorney with experience in short sales is highly recommended ensuring compliance and protect the buyer's interests throughout the transaction.

Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.