Lovely ranch-open floor plan-lots of light BAC pre qual/proof of funds(cash)required on all offers.Free appraisal and credit report if buyer finances through BAC.BAC addendums required.See addtnl remarks. VA Vendee financing now available. Call 800-816-4346 to qualify.A purchase contract could take up to 14 days to ratify, but usually this is accomplished in 3 5 business days. Bank of America as seller REQUIRES that any non-cash buyer be pre-qualified by a local Bank of America retail branch. While the pre-qualification is must be completed by the local Bank of America branch, the buyer may choose to obtain financing with another mortgage company. REO Transactions are managed by Bank of America, but Bank of America is typically not the owner of the property (ASSET). Bank of America ASSET Managers work with Listing Agents and Local Settlement Companies to manage the properties, to facilitate ratification with the owners/institutions, to manage contract coordination, and to assist in settlement. MOST Settlements scheduled 30+ days from the fully ratified contract have a high probability of closing on time. Property Title work is performed in Texas and usually arrives there for processing 14 days after a fully ratified contract. Settlement date delays are NOT typical, but sometimes occur. Review the included Title Requirements attachment to understand title work further. For Settlement Date - It is a GOOD Idea to have Time Flexibility on REO Transactions in case of delays: o Schedule settlements on Tuesdays & Wednesdays. o Discuss rate lock timeframes with lender. o Dont schedule settlement right before or after vacation. o Inform the moving company that the moving date should be flexible. We are focused and dedicated to meeting settlement dates within the realm of control. Setting the RIGHT Expectations with your buyer will make all the difference. REO Title Requirements (Please Read) All REO transactions have certain documents that must be collected from the Seller to clear title. We need to review these documents to confirm that the previous foreclosure was done correctly and to ensure that there will not be any title problems for your Buyer in the years to come. We list these required documents in very specific detail on the "title binder or the "title commitment" and we send this to the Sellers representative as soon as we receive the title work. The required documents are the same documents needed for every REO transaction and are listed below: Any one of these documents has the potential to cause settlement delays if the document is incorrect and unfortunately vesting mistakes and clerical errors are common. On every REO transaction, we need these documents as far in advance of closing as possible so we can review them for accuracy and have enough time to get the documents corrected in a timely manner. When these documents are received late in the process the chances of the settlement being delayed increases.
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