Typically foreclosures are not considered to be "Arm's Length" as one of the parties is acting under duress.
Yes!
If the home was a short sale, many investors will view that like a foreclosure. Please proved more details on the type of transaction this was.
Check this post, it talks about liens and foreclosure. http://www.foreclosedpropertiesdata.com/blog/foreclosure-help/how-liens-can-lead-to-foreclosure/
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The money is gone after foreclosure.
Yes!
The concept of an arm's length transaction allows the market to ensure that both parties in the deal are acting in their own self-interest and are not subject to any pressure or duress from the other party.
When a deal is not arms-length, that is, between family. Arms-length is between total strangers.
Absolutely, positively not! To be legally secured you must have a written agreement signed by all involved parties that stipulates all the terms included in the transaction.
The 'Business of Foreclosure' is a commercial activity/transaction performed by a lender, therefor it falls under the U.C.C. and they must follow certain Uniformcodes/rules laid out within the Commercial Code.
An arm's length transaction is a transaction that occurs between two unrelated parties, each of whom is acting in their own self interest and therefore trying to get the best deal for themselves, when a transaction is arm's length, the amount exchanged for it is considered to be fair market price.With that said, a NON arm's length transaction is one that occurs between related parties (when one entity has the ability to influence the decision making of another such as friends, family, sister corporations, etc). When a transaction takes place between related party it cannot be assumed that the transaction amount is the fair market value because both parties are not working in their own interest.For example, your mother may be being generous when selling you her car by giving you a large discount, or you might be doing her a favour and paying her more than it is worth.Arm's length is the legal description of an agreement made freely, for fair market consideration and when there is no special relationship between the parties. It can becomes an important consideration when other issues are present.For example, a sale of a property for fair consideration to a third party would be an arm's length transaction. A sale of the land for a minimal price from a father to his daughter would not. In some circumstances such as a transfer to avoid creditors the second transaction could be nullified by a court.
If the home was a short sale, many investors will view that like a foreclosure. Please proved more details on the type of transaction this was.
A foreclosure can take weeks up to months to be completed. Applications have to be filled out and then processed by a bank. If you have good credit and a reasonable down payment, a transaction can be processed even faster.
Hell no
Yard
yes
Because of high taxes, they faced the loss of their farms to foreclosure.