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Updated almost 12 years ago,

User Stats

7
Posts
1
Votes
Jason Hitchcox
  • Real Estate Investor
  • Union, SC
1
Votes |
7
Posts

Bank of America addendums

Jason Hitchcox
  • Real Estate Investor
  • Union, SC
Posted

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?

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