Bank of America now requires all parties (sellers, buyers, and both agents) to sign this disclosure:
B of A Short Sale Buyers-Disclosure-Addendum
Excerpts from Page 3, regarding the agents:
Licensee representing Seller acknowledges and agrees that, in his or her professional opinion, Property has been listed on the appropriate local Multiple Listing Service at a listing price intended to generate open market competitive offers to purchase Property and not at an artificially low or high listing price. Licensee representing Seller further acknowledges and agrees that his or her marketing efforts were in fact and “in spirit” aimed toward maximizing the selling price of Property from a ready, willing and able buyer. Licensee has not engaged in any conduct that restricts or limits offers from buyers, including but not limited to requiring cash offers, using disparaging language regarding the property or tenants, or unreasonably restricting access.
Licensee representing Seller acknowledges that he or she has made Seller aware of all offers to purchase Property that Licensee received during the listing period and that he or she has not coerced, harassed or improperly influenced Seller in selecting a buyer for Property or in agreeing to the terms and conditions of the purchase contract.
Licensee acknowledges and agrees that Licensee is not engaging in appraisal fraud, flipping (a predatory lending practice whereby a recently acquired property is resold for a considerable profit with an artificially inflated value within a short period of time, as defined by the Federal Bureau of Investigation), identity theft and/or straw buying. Licensee has disclosed all agreements or understandings relating to the current sale or subsequent sale of Property of which Licensee is aware or should be aware. Licensee is not aware of any other agreements or understandings that call for the subsequent sale of the Property within 30 days of the current sale, the assignment of the property to the Seller or the option for the Seller to purchase.
NAR, CAR and local boards have yet to author anything similar to this.
What do you make of this?
http://news.firedoglake.com/2012/07/16/the-great-housing-swindle-shadow-reo-artificially-boosting-prices/
I saw that, and thought it was written to cause more hysterics.
If banks are hanging onto properties, they are doing it outside of SD County. City-Data says that we have around 600,000 houses and condos in the county, and according to the tax rolls Fannie Mae owns 479 of them. A quick review showed that more than half of them are listed for sale or pending in the MLS.
They may be slow in processing them, but there doesn’t appear to be a deliberate build-up. The last two Fannie Mae REOs we received were assigned to us prior to Fannie even having official ownership – the deeds haven’t been recorded yet!
Are banks not foreclosing on deadbeats? No one knows for sure, except maybe Shadash?
When given a huge stack of paperwork to sign and initial, I wonder how many actually read it..?
Just making an offer takes a million pieces of paper.
Believe me, I know Banks aren’t Foreclosing.
The push for Short Sales over Foreclosures is proof.
LOL who is running BOFA? Neville Chamberlin?
“I hold here in my hand a treaty signed by Herr Hitler, insuring peace in our time. It states in it that we shall have peace in our time. And that our people shall never have war.”
Its about time they opened their eyes.
Heh… but will they actually enforce this new agreement? So if a license is aware of a sale 31 days later, are they still bound?