Bank of America Associates May Not Buy Bank of America Distressed Assets

Consistent with other large national mortgage servicers, Bank of America prohibits the purchase by associates of distressed assets, including REOs, short sales and foreclosures. 

Under the bank's policy, bank associates and members of their households may not purchase bank REOs, short sales and foreclosures. Members of the household include spouses, domestic partners, dependent children who live with the bank associate, or any other person who derives his or her primary means of financial support from the bank associate (household members).

Action required

1. When an offer is made on such a property, validate that the potential buyer is not a Bank of America associate or the household member of an associate.  
    
2. To ensure that the potential buyer understands and complies with this policy, the buyer will be required to sign the new Buyer's Acknowledgment and Disclosure form. The new form can be found on the Bank of America Agent Resource Center (bankofamerica.com/realestateagent). 
    
3. Upon completing the disclosure, upload it to Equator as part of the Upload Offer Documents task.