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BlogsDo You Have a CLUE ?Bank of America May Have KILLED Short Sale FLIPS

Posted almost 12 years ago

Bank of America May Have KILLED Short Sale FLIPS

I ran across an article/analysis of "NEW SHORT SALE ADDENDUM'S" that Bank of America  is requiring for all Short Sale Purchase Contracts. No signy, no gety the property. PERIOD. Freddie Mac has similar addendum's. It won't be long before all the TBTF's have similar documents. If we allow this, the RISK TRANSFER will fall on all except the TBTF's.
I have uploaded the relevant portions of the addendum's that effect Investors.
http://www.biggerpockets.com/files/user/mikeytm/file/bank-of-america-new-short-sale-documents 

Please Read Carefully!

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