Effective immediately, we will no longer be accepting Private Sale Agreements on ANY submissions…It is unfortunate that we need to make this decision, but the reality is that Private Sales are too often linked to property or LTV misrepresentation and we are seeing more of these now as the credit market tightens up…Our statistics gathered are now also showing a very high percentage of delinquency in deals that were funded with private sales.
Certain lenders (not just this one) are scrutinizing private sales much more closely in our falling real estate market.
This particular lender said it will consider some exceptions on “private listing companies” if they are comfortable it is a bona fide arms length sale.
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