Jun 16, 2011
B of A adds addendum to short sale form — what’s the deal?
16 Jun 2011
Posted by Andrew Kantor
If you happen to be dealing with Bank of America on a short sale, you might be blindsided by a heretofore unused addendum [click for a PDF], that the bank claims is aimed at preventing fraud.
It’s entirely about fraud prevention. We want to ensure that the transaction is at arm’s length and that the property isn’t immediately flipped for a higher price without there being any repairs or upgrades. It’s not punitive in any way and has nothing to do with deterring any part of the transaction, and certainly not the compensation that goes to the agent.
Get the details from NAR’s Speaking of Real Estate blog.