CONGRATULATIONS!Congratulations on your decision to make an offer on a Bank of America Foreclosure! As you may be aware, our REO Properties require a Bank of America approval letter before the listing agent can submit your contract to the Asset Manager. Bank of America wants to make sure this is a smooth transaction for everyone involved. We have come up with our EZ-REO system which will keep everything on track for the buyer, seller and all interested 3rd parties. A Bank of America REO transaction is not a normal one. There are several pieces to this puzzle, most of which is assembled by vendors and employees of Bank of America. For those reasons we are very intent on handling the financing for these properties. Our EZ-REO program was designed to properly relay some of the benefits and give incentives to any borrower who chooses to finance one of our REO properties with us. With EZ-REO you receive: 1. A substantial reduction in the normal fees associated with purchasing a home. You will have no appraisal or credit report fees and your enhanced title insurance policy is only $100! 2. Additional Bank of America Grants are available, up to $3000 for qualified borrowers. 3. Pricing Match! We will typically match any valid loan offer provided by a reliable lender. 4. No penalties for closing delays and a much higher percentage of an on-time closing. If you have been working with another lender and are interested in the EZ-REO incentive package, please fax your good faith estimate to 866.763.9974, attention: REO COMPARE. To get your approval letter, please follow the directions below: 1. Go to www.elmendorfteam.com and click the "Start Online" link 2. Complete the on-line form. **Note you will be timed out if inactive for 5 minutes. Please make sure you.... Enter your realtor's name and contact information in the space provided. Include in the comments section at the completion of the form: The address of the property you are making an offer on The offer price and amount of seller contribution you are requesting The amount of your deposit
That's it! I or someone form my staff may need to contact you to confirm a few items, so please make sure you are available by phone upon completion of this form. Thank you again for allowing us to serve you! Rick Elmendorf AVP, Home Loan Production Bank of America 703-227-2531 Team Office Line 703-928-5510 Rick Mobile 866-763-9974 Secure E-Fax Note that EZ-REO is only offered via BOA branch 1725 and The Elmendorf Team. All the above incentives are not available from an external, non-approved REO loan officer operating outside BOA retail division and The Elmendorf Team
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