What is a Bank of America short sale contract addendum?
What is a Bank of America short sale contract addendum?
Bank of America Short Sale Purchase Contract Addendum comprises of two parts Short Sale Purchase Contract Addendum and Short Sale Real Estate Licensee Certification. Read through all the four pages of the form carefully prior to signing and filing it to understand the scope of this document.
What does equator mean for Bank of America short sales?
It simply means that the short sale transaction (perhaps the property that you are listing, buying or selling) is being processed through an online (Internet-based) platform called Equator. As of the time of this writing, the online platform, Equator, is used by Bank of America, Wells Fargo, Nationstar, GMAC, and Service One.
When do you get relocation assistance from Bank of America?
In order to receive the relocation assistance, the sale of the property must close by the closing date in the short sale agreement. Bank of America reserves the right to change or alter the relocation assistance at any time.
What do I need to know about a short sale?
If you are eligible for a short sale, during the initial call, we’ll discuss your current financial situation, confirm your eligibility and make sure we have all the needed documentation. You’ll also be connected with a Customer Relationship Manager who will work with you throughout the process.
How to do a short sale with Bank of America?
If you have a Bank of America home equity loan or line of credit, we’ll take care of getting approvals for your short sale. If your loan or line of credit is with another lender, contact that lender and request a Second-Lien Release. The lender needs to provide this document and send it to you.
How does a short sale work in real estate?
The process of a short sale is just like any other real estate transaction except that the seller must have consent from the bank on the home’s sales price. If the only offer is below the approved sales price, the seller will have to obtain consent from the financial institution in order to sell the property.
How long does a short sale stay on your credit report?
The short sale will stay on your credit report for seven years, but you can finance a new home purchase within one to four years of a short sale depending on credit score, loan type and down payment. Again, a foreclosure is even more severe.
In order to receive the relocation assistance, the sale of the property must close by the closing date in the short sale agreement. Bank of America reserves the right to change or alter the relocation assistance at any time.
Is the short sale purchase contract legally binding?
The Short Sale Purchase Contract and the Addendum are legally binding on all involved parties and it is in entirety to the sale of the subject property. These documents also supersede all prior understandings, agreements, optional contracts, or negotiations.
How do I start the short sale process?
If your loan or line of credit is with another lender, contact that lender and request a Second-Lien Release. The lender needs to provide this document and send it to you. If you’re eligible, you may be able to start the short sale process right away.
When do you hear back from a short sale?
If we authorize you to start the short sale process, you can expect to hear back from us about your offer in approximately 90 calendar days after your real estate agent has submitted the offer and all documents to us. Please contact your Customer Relationship Manager at any point for an update or with any questions about the process.
Bank of America Short Sale Purchase Contract Addendum comprises of two parts Short Sale Purchase Contract Addendum and Short Sale Real Estate Licensee Certification. Read through all the four pages of the form carefully prior to signing and filing it to understand the scope of this document.
The Short Sale Purchase Contract and the Addendum are legally binding on all involved parties and it is in entirety to the sale of the subject property. These documents also supersede all prior understandings, agreements, optional contracts, or negotiations.
If we authorize you to start the short sale process, you can expect to hear back from us about your offer in approximately 90 calendar days after your real estate agent has submitted the offer and all documents to us. Please contact your Customer Relationship Manager at any point for an update or with any questions about the process.