are bank of america foreclosure contract assignable?

Asked by Ben Luke, Charlotte, NC Thu Jan 27, 2011

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8
Larry Story, Agent, Greensboro, NC
Sat Jan 29, 2011
Ben,

North Carolina Offer to Purchase contracts are not assignable.
0 votes
Jeff Monfils, Agent, Mount Holly, NC
Thu Jan 27, 2011
Any and all bank addenda overrides some to most portions of the purchase agreement, the purchase agreement does allow to be assigned, if both parties mutually come to an agreement, however the bank's addendum will take precedence over any verbiage in the purchase agreement (to protect their own interest).
0 votes
Ruth and Per…, Agent, Los Gatos, CA
Thu Jan 27, 2011
Sorry Ben, they dont.

Perry
Web Reference:  http://www.ruthandperry.com
0 votes
Rick Barth, Agent, Charlotte, NC
Thu Jan 27, 2011
Hi Ben,
Sorry, but BofA does not allow assigning their contracts on foreclosed properties. The only alternative would be to do a double closing. Hope this helps.
Good Luck,
Rick
0 votes
Kathleen Tur…, Agent, Charlotte, NC
Thu Jan 27, 2011
You need to check the language in the Bank's Addendum to the Offer to Purchase and Contract. The Addendum supercedes the NC Offer to Purchase and Contract, so even though our contract allows for assignment, should both parties agree, the Bank's addendum overrides that paragraph in the contract. On contractual matters, it is always a good practice to give your favorite RE attorney a call if you are unsure. Best success, Kathleen
0 votes
Esfand Azad -…, , Tarzana, CA
Thu Jan 27, 2011
Please clear the question; do you mean a house being in foreclosure by B of A to be assinged to another?

Banks usually do not do that ;let me know,please!
Esand Azad
0 votes
Gary Geer, Agent, Antioch, IL
Thu Jan 27, 2011
Not sure if BOA REO's are assumable (transferable to another buyer), but some other banks are. They normally spell this out in their addendum to be added to a a buyers contract so you may have to wait until the addendum is generated to find out. Sometimes copies of the addendum are available prior to writing an offer.

All the best,
Gary Geer

http://www.GaryGeer.com
0 votes
Scott Hutchi…, Agent, Lakeville, MN
Thu Jan 27, 2011
Ben,
Generally no. I hope this helps. Explain your position a little more, and I can provide additional info.
0 votes
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