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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  1. Gita Bantwal 05/16/2011 09:24 AM
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Comments 8 New Comment

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Rainmaker
1,840,815
Gita Bantwal
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel
RE/MAX Centre Realtors

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

May 16, 2011 09:22 AM
Rainmaker
604,463
Sussie Sutton
UTR TEXAS Realtors - Rep for buyers and sellers.
UTR Texas Realtors

That just made my eyes glaze over....

May 16, 2011 09:26 AM
Ambassador
1,800,771
Jeff Dowler CRS
Carlsbad CA Homes for Sale (760) 840-1360
Solutions Real Estate

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
Rainmaker
1,193,630
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
454,051
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
1,050,332
Ginny 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
1,228,393
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
606,770
Sheila Newton Team -- Anderson & Greenville SC Real Estate
--Residential/Short Sales/Foreclosures
Berkshire Hathaway HomeServices - C. Dan Joyner

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
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Ambassador
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Melissa Zavala

Broker, Escondido Real Estate, San Diego County
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