In addition to what Larry said, sometimes the seller is a corporation, although it's not bank owned.
Corporations also might have their own "words of wisdome" that they want to have you
agree to - hence, addendum.
Hope this helps,
Beachfront Realty, Inc.
That usually refers to the waivers, disclosures from the bank in an REO (Bank owned) transaction.
When a bank forecloses on a property then lists it for sale on the market, they usually don't know much about the physical history of the property. The "corporate addendums" usually are disclosures from the bank that they are selling it absolutely "as-is" and there are absolutely no warranties nor guarantees as to condition of structure, mechanicals, etc.
They basically make you sign a waiver releasing them from any and all liabilities or damages that may arise at anytime in the future regarding any issues with the property.
Hope that helps to answer your question. If you are looking for a home, there are many pre-forecosure, REO, short sale opportunities entering the market everyday. It is still a Buyer's Market while mortgage interest rates are at historic lows and prices are still relatively low.
NOW is the time to buy! I'd love to help negotiate a great deal for you.
Please feel free to call me with any real estate related questions.
All the best,
Larry Lichtman, CNE
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell/Text: (267) 254-7994
Real Estate Sales, Management & Insurance
1611 Snyder Avenue
Philadelphia, PA 19145
Office: (215) 271-7070