This is a Bank of America (BofA) REO/Foreclosure property.  Please send your purchase offer using the standard state forms.  The Seller's legal entity (what you put on the purchase offer) is BAC Home Loans Servicing, LP.

Some of the important highlights (not all inclusive):
 
1) Sales Price Offer: To be honest & realistic with you, low ball offers are not acceptable to BofA. Please don't advise your clients that a BofA REO can be bought for a song since the list prices are already very good "deals" for Buyers & Investors based on comparables. This is not necessarily the case with the 3d Party REOs in our market (which are most of the REOs out there but NOT BofA). If you insist on making a low ball offer with a BofA REO to please your Buyer you'll be wasting everyone's time (including yours). Up front, it appears that BofA is negotiating offers within 2.5% of the list price (for homes above a $400,000 list price) and within 5% of the list price (for homes less than a $400,000 list price). Also, BofA will typically reduce the list price by approximately 1.5% or more every 3 weeks until the home is sold. A better technique is that you delay your offer until the home gets to within your Buyer's price range; however, your Buyer is taking the risk that someone else will buy the good deal.
 
2) A BofA priority is to keep their foreclosed properties Loan, Title Company & Closing Company within BofA. Remember your Buyer is getting a good price for the home & this is one of the ways BofA can mitigate their financial losses. BofA's Rick Elmendorf Team, can be contacted at www.loanwithrick.com. Rick Elmendorf & BofA WILL SAVE YOU $3,000 IN FEES. The Rick Elmendorf Team has BofA authority to offer the BEST TERMS & PRICING of any competition & your Buyer will still get the $3,000 savings. Therefore, there is no reason, in the best interests of your Buyer, not to use The Elmendorf Team. IMPORTANT:  Your CONTRACT MUST OBTAIN AN ACCEPTABLE BofA LENDER LETTER FOR THE OFFER TO BE CONSIDERED.

3) Most, if not all, foreclosures are sold as-is. The NVAR as-is paragraph is required. If your Buyer wants to perform a home inspection please include "for informational purposes only." If the property is winterized & your Buyer wants to perform inspections then your Buyer is responsible AT THE BUYER'S OWN EXPENSE to de-winterize and re-winterize the property. To de-winterize & re-winterize the property please coordinate with Jon Alderman with HMJ Alderman Inc.  He can be reached at 703-309-4104 or via email at hmjalderman@gmail.com.
 
4) Note HOA/COA Documents: para 12. (b) of Addendum #1 (the BofA Real Estate Purchase Addendum, attached example)  "...the Buyer, AT THE BUYER'S OWN EXPENSE, is responsible for obtaining and reviewing the covenants, conditions and restrictions, and bylaws of the condominium or planned unit developments or cooperative within ten (10) calendar days of the Effective Date (the Effective Date is the date of the Seller's execution of this Addendum)....The Buyer will be deemed to have accepted...if the Buyer does not notify the Seller in writing within fifteen (15) calendar days of the Effective Date..."
 
5) The Earnest Money Deposit check from your Buyer should be made out to the Listing Broker's Company, "RE/MAX Allegiance". Please deliver this to me within 24 hours of ratification (per the BofA addendum).
 
6) Date of Settlement: Note that it will normally take at least 45-60 days or more to settle regardless of the agreed date. Delays are normal.
 
7) The maximum days for inspections (usually less than 7-10 calendar days) will be entered in the BofA follow-up paperowrk regardless of what you asked for in the state contract.

I have attached EXAMPLES of the follow-up paperwork for the purchase of a BofA Real Estate Owned (REO) property.  THE ATTACHED ARE EXAMPLES ONLY.  The BofA procedures are:  once we've finalized negotiating & agreeing to contract terms then they'll send us the follow-up BofA paperwork which will in essence, supersede the applicable terms of the Real Estate Board contract paperwork.  It is very important to note that for a successful BofA foreclosure transaction you must follow the instructions from BofA IN DETAIL TO THEIR SPECIFIC INSTRUCTIONS.  Note that BofA WILL NOT accept changes or "strike thrus" to their follow-up paperwork.

If you have any additional questions please see the FAQ's at www.FrankPrindle.com and/or feel free to contact me by email prindlelistings@gmail.com . Please don't call, I need to keep a written record of any correspondence regarding the foreclosures & you'll get a faster response by email. Once you've submitted an offer, please check your email frequently for correspondence regarding your contract.
 
Attachments:
1) BofA Real Estate Purchase Addendum (also referred to as Part I or Addendum 2) BofA Rider to Contract of Sale State of Virginia (also referred to as Part II or Addendum #2)
3) BofA Water Damage, Toxic Mold & Environmental Disclosure, Release and Indemnification Agreement
4) BofA REO Lender's Welcome Letter 

 BofA Lender REO Welcome Letter

**VERY IMPORTANT**
BUYING A FORECLOSURE IS NOT FOR THE "FAINT OF HEART." IF YOUR BUYER NEEDS A VERY QUICK AND SMOOTH SETTLEMENT ANY FORECLOSURE IS NOT THE RIGHT PROPERTY FOR YOUR BUYER TO CHOOSE. I CAN GUARANTEE THERE WILL BE DELAYS & OBSTACLES THAT WILL STRAIN THE PROCESS; HOWEVER, ONCE WE HAVE A VERBALLY RATIFIED CONTRACT WITH THE BANK YOUR BUYER WILL BE GETTING A VERY GOOD DEAL. NONE OF THIS SHOULD SCARE YOU OR YOUR BUYER. PLEASE STAY FOCUSED AND ENCOURAGE YOUR BUYER TO KEEP IN MIND THE END RESULT; THAT IS, YOUR BUYER WILL BE PURCHASING A PROPERTY FOR THOUSANDS OF DOLLARS LESS THAN THE SIMILAR PROPERTY DOWN THE STREET