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Bofa and 30 day transfer clause - Has anyone gotten them to remove it?

Posted by Pam Patterson on June 23, 2010 at 3:22pm
I have an investor who has an approved offer on a bofa short sale but won't close if line item#10 on the approval letter isn't removed ie. "There are to be no transfers of property within 30 days of the closing of this transaction". Has anyone been successful getting this removed and how did you do it? Tx, Pam
Tags: 30, Bofa, day, property, resale, transfer
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Comments

  • Michael Dacko March 8, 2011 at 8:57am
    Well I would have expected to see more traffic on this subject, but I'll have to ask this again.....has anyone been able to waive line item #10 about 30-day resale language in BOA's approval letter?
  • cheryl June 24, 2010 at 8:34am
    Never say never...BofA is tuff BUT do want the deal done. If your investor/buyer should have already known this at the starting gate. However, he will have to conform as BofA won't!!!!
  • Bryant Tutas June 24, 2010 at 12:14am
    Nope. You will be spinning your wheels on this one. The offer should have never been accepted by the seller knowing the investor was going to flip. The listing agent should have specifically asked the investor this question and if the investor stated it wasn't an issue have him sign off on it and place a non refundable deposit.
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