Bank of America’s Newest Form – Short Sale Contract Addendum

By
Real Estate Broker Owner with Broadpoint Properties Cal BRE #01324959

 

Bank of America Bank of America has added yet another form to its arsenal. It’s a short sale purchase contract addendum (which you can view and download below).

According to the powers that be at Bee of Aaay, this contract addendum will aid in the prevention of fraud and will also help to provide a more transparent short sale process. This addendum is required for select short sale transactions initiated on or after April 4, 2011 (yes, that’s over a month ago).

As you will see when you review the addendum, it discusses property conditions, arm's length transactions, tenants, fraud, and real estate commissions among other topics.

Your short sale negotiator at Bank of America will notify you if this addendum is required.

When the addendum is necessary, you will receive a message and a copy of the addendum through the Equator system. The form must be uploaded into the Equator library within 14 days. Otherwise, you know what happens when you do not meet deadlines in Equator, don’t you?

Poof. Gone. You snooze you loose. Time to start that short sale all over again.

Here is a copy of the Bank of America Short Sale Purchase Contract Addendum. Please do not shoot the messenger.

 

Bank of America Short Sale Addendum

Photo: flickr creative commons by pinti1

 

close

Re-Bloggged 1 time:

Re-Blogged By Re-Blogged At
  1. Gita Bantwal 05/16/2011 09:24 AM
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the graph to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
ActiveRain Community
Groups:
Realtors®
Short Sale REALTORS®
Short Sale Specialists & Pre-Foreclosure Education
Short Sales Pre Foreclosures Bankruptcy and More!
Short Sales Specialists
Tags:
bank of america short sales
short sales at bank of america

Comments 8 New Comment

Rainmaker
1,149,638
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Put 40 years of experience to work for you
Lyon Real Estate

They all copy each other, you know. Bank of America just wised up to what Wells Fargo has been doing for the past several years.

May 16, 2011 06:22 PM
Rainmaker
450,237
Wendy Rulnick
Destin FL Real Estate
Rulnick Realty, Inc.
Melissa - I was just subject to the addendum.... There are some issues with it. But my biggest point is I LOVE your new photo!
May 16, 2011 06:59 PM
Rainmaker
1,003,978
Ginny Lacey Gorman
Homes for Sale in North Kingstown RI and beyond
Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate

Oh boy, more forms that can get lost & misposted...i agree with Wendy...your new photo becomes you!!

May 17, 2011 03:07 PM
Rainmaker
1,197,617
Michelle Gibson
REALTOR
Hansen Real Estate Group Inc.

Melissa - Great info! Jeff kills me with another form for them to lose.

May 17, 2011 05:05 PM
Rainmaker
602,479
Sheila Newton Team -- Anderson & Greenville SC Real Estate
--Residential/Short Sales/Foreclosures
RE/MAX Realty Professionals

I have found equator to be great for short sales. I have a BOA with them now, wonder if we'll need this form.. What is one more I guess, right?

May 17, 2011 11:29 PM
Ambassador
1,065,054

Melissa Zavala

Broker, Escondido Real Estate, San Diego County
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the truck to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

Broadpoint Properties