Bank of America addendums
Has anyone else dealt with these BofA addendums when purchasing a REO from BofA?
We've been counter-offering back and forth for almost 2 weeks and finally have agreement, but before the deal formally goes under contract BofA wants me to sign-off on 21 pages worth of addendums:
- a 17-page Real Estate Purchase addendum
- a 1-page Buyer's Acknowledgement and Disclosure
- a 2-page Water Damage, Toxic Mold & Environmental Disclosure, Release and Indemnification Agreement
- and a 1-page Lead-Based Paint and Lead-Based Paint Hazards Disclosure, Acknowledgement and Disclosure.
I've skimmed through it and it appears to be a lot of CYA type stuff, like there's not property condition disclosure, its being sold "as-is", buyer won't hold BofA accountable if problems with property arise at a later date, etc. (I'll be looking through it more carefully before I consider signing and returning).
Has anyone else encountered this?
Any recommendations how I should proceed?
Most Popular Reply
Jason, if you buy REO deals, get use to this, it is standard for all banks. Through each bank has its own addendeums, they are all CYA and basically state in so many words that you cant sue them for anything and they are not respnsible for anything, including condition disclosures. You basically are taking on all risk for the property except title defects.
You can not counter or amend these docs or you will not be their buyer. You must take them as they are written.
I have bought many, many REO properties and have been signing these docs for years.