Broker, Realtor®
Attention Agents Submitting Offer’s on Bank of America REO’s Dear Fellow Agents, These guidelines are intended to facilitate the processing and uploading of contracts for offers on REO's owned by Bank of America. Following these guidelines will help ensure your offer meets Bank of America's requirements for submission of your client's offer prior to sending it over to me. It will also help avoid situations that could result in delays that could cost your client the deal. When submitting an offer, please check off each item below to ensure the offer meets the basic requirements of submission to the bank. While I don’t require you or your client to sign and return any sort of “REO submission form,” using the check list as a guide will ensure your offer can be submitted and processed in the most timely fashion. ___ Please ensure the name(s) on the offer match the name(s) on the lender’s pre-approval letter. ___ Please ensure the amount financed on page 1 matches the amount on the lender letter. ___ Please ensure loan TYPE (Conv, FHA, VA, etc) is indicated on page 1 of contract AND on lender letter. ___ Paragraph’s 2.A, 2.C, 2.D, & 2.E add up to paragraph 2.F (many offers are not accurate here). ___ Paragraph 27.C is completed & BOTH agencies are indicated & appropriate boxes are checked. ___ The offer is signed and dated by buyers AND agent (you’d be amazed how often this is missed). ___ Verify Agent Contact info, including cell number & email are legible on Page 8 of the RPA The ONLY items that should be included with the offer : ___ FAX Cover Sheet (must have agent’s name, email address, cell number) ___ Purchase Contract (including Buyer’s Inspection Advisory) ___ Proof of funds for CASH offers. ___ Copy of deposit check (that matches the deposit amount on paragraph 2.A of the offer). MUST BE A MINIMUM OF 1% OF PURCHASE PRICE ___ Agency disclosures – Page 1 & 2 (buyer signed and one for seller to sign). ___ Retail Branch Pre-approval letter from Bank of America Lending (if purchase will be financed). THIS IS BANK OF AMERICA'S REQUIREMENT AND IS NON-NEGOTIABLE. BANK OF AMERICA DOES NOT REQUIRE BUYER'S TO USE THEM FOR FINANCING, BUT THEY OFFERS SOME INCENTIVES IF THE BUYER DOES. Chris Carter Bank of America 916-616-0020 Cell 866-718-6260 Fax Other tips for ensuring your buyer’s offer gets processed promptly: 1. If you are not using WinForms, please PRINT legibly: make it EASY for everyone to read. 3. The bank will only accept COMPLETE offer packages. If, for whatever reason, your offer is incomplete or incorrect, it may be rejected outright. However, we will attempt to notify you via phone, email, or FAX. Once we receive your offer, we will notify you of receipt via phone, email, or FAX. If you don’t hear from us within 24 hours of submitting your offer, then we may have not received it. 4. Since many REO listings receive multiple offers, the first offer you write may be your only chance. Please submit your “highest and best” offer. Once we get an acceptance on an offer, whether or not yours was accepted, we will notify you. 5. Most of our communication following receipt of your offer will be via email, so please monitor your email. If you have a YAHOO email account, our emails may be blocked or end up in your SPAM/JUNK folder. Please monitor that folder carefully. |
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