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

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Gita Bantwal 05/16/2011 09:24 AM
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Show All Comments
Rainmaker
1,915,588
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for the information. I will reblog it so more people can read it.

May 16, 2011 09:22 AM #1
Rainmaker
625,423
Sussie Sutton
UTR Texas Realtors - Pearland, TX
UTR TEXAS Realtors - Rep for buyers and sellers.

That just made my eyes glaze over....

May 16, 2011 09:26 AM #2
Ambassador
1,847,955
Jeff Dowler CRS
Solutions Real Estate - Carlsbad, CA
Carlsbad CA Homes for Sale (760) 840-1360

Melissa - ah, another form for them to lose and ask that you send it again. But very good to know about. Thanks!

Jeff

May 16, 2011 09:50 AM #3
Rainmaker
1,224,120
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

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 #4
Rainmaker
455,910
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
Destin FL Real Estate
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 #5
Rainmaker
1,089,642
Ginny Gorman
Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

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

May 17, 2011 03:07 PM #6
Rainmaker
1,248,059
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

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

May 17, 2011 05:05 PM #7
Rainmaker
619,233
Sheila Newton Team -- Anderson & Greenville SC Real Estate
Berkshire Hathaway HomeServices - C. Dan Joyner - Anderson, SC
25 years experience -Residential Real Estate Sales

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 #8
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Ambassador
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Melissa Zavala

Broker, Escondido Real Estate, San Diego County
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