Must have an addendum for the closing date reading, “within 45 days from investor authorize(s) Bank of America, N.A., its affiliates, agents and employees . 16 May 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. 25 Aug How does the Bank of America short sale process work? Each lender is slightly different when it comes to how they handle short sales, so in.
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This article is for information purposes and is not specific advice to any one reader. You can find other tips on negotiating your own short sale with BofA hereincluding what to do in a value dispute with the lender, specific instructions on escalation procedure if the person assigned to your file is dragging their feet, and more.
The Bank of America short sale may be shorter or longer depending on how quickly the negotiator is able to get documents and come to an agreement on terms, etc. Could you blame them? The first part of the document deals with who cannot buy a Bank of America short sale. All money must go through your broker so they can pay themselves and then you. There is some paperwork required to initiate a short sale with Bank of America.
Arline, Its because bank of america short sale addendum broker is greedy. Bank of america short sale addendum does the bank care if the buyer rents the home back to the sellers? I have heard this same lament from owner after owner. The realtor have to sign it as well in most cases. So, if their potential buyer in the transaction understands and bank of america short sale addendum willing to sign that addendum, then I think the agent is going to be in a good position.
The only example anyone can provide is the Connecticut incident and that was truly short sale fraud because they had the C buyer before they submitted the B buyer offer to the bank.
But look more closely. They say it bank of america short sale addendum to verify sellers tax records. They purposely make it difficult to get a short sale through.
Well, after reading all this now i feel better i am not the only one that thinks that many of the paperwork they ask is senseless, and their regulations stupid as not letting the people rent the house back, among the flipping and many more.
Pubished on July 26,updated on August 25, Here are the individual pages with my explanation of what each says.
BANK OF AMERICA NEW SHORT SALE CONTRACT PACKAGE
Someone needs to make these servicers Modify the loan after the 3 payments or at least 6 payments. I have been driven nut with all their common, kinds of schemes they have pulled on my clients. If the agent is also an investor or if the agent is related to an investor. As licenced real estate professionals agents and brokers why should we be held responsible and put our licenses on the line in a transaction that we are not part bank of america short sale addendum.
To All- There are so many responses I want to make here that I could type forever and I would americaa contact info for all of you and we would discuss how to make each others realities under this RE umbrella even more productive.
There are two main categories. Call bank of america short sale addendum for a free consultation The way the addendum is written, does not clearly explain what a business relationship is! This is going too far, how dare they cut an agent commission? I have always practiced legitimate transactions and followed the code of ethics to the T. Can you elaborate on the flipping schemes? The negotiators at BAC are incompetent.
We might be mitigating loss down to a certain level of discounting, bank of america short sale addendum we would say that, if someone is willing to pay that within a short amount of time, then that is the market value.
Ask any agent around the country. Yes, there are unscrupulous people out there and they come in all different forms and with many different titles.
BANK OF AMERICA NEW SHORT SALE CONTRACT PACKAGE – Short Sale Superstars
This package of documents eliminates the preliminary americq length affidavit that was in use for a period of time in the late Summer through Winterand essentially was preliminary to a bank of america short sale addendum arms length affidavit about which I have written several blogs:.
Why should they bani expect to get their money back that they loaned at an agreed rate. What we object to is the very quick flip at a higher price with no improvements to the property.
In most cases when the owner has had a health issue the bank is violating HIPAA Laws by asking for proof and insisting the homeowner discribe their medical hardship.