A bank addendum to a real estate contract is a document attached to and made a part of the original purchase contract, when a buyer buys a bank foreclosure. It can add to the contract, clarify the terms in the purchase contract or it can blatantly change the contract.
So if the bank wants to clarify the Orlando real estate contract what is the problem with adding a bank foreclosure addendum? Nothing, if it is done properly and disclosed early…because what the bank addendum states is more important and supersedes what the contract says.
The problem is that the bank will first accept the Orlando buyers contract and then a week later send the NON- NEGOTIABLE bank addendum….the Bank addendum that can remove most of what the buyer thought the bank already agreed to in the contract or shift costs over to the buyers side.
I call that scamming Orlando Home Buyers…or at least bait and switch. Not to mention that the bank addendum has more pages than the purchase contract.
Why just not provide the bank addendum at the time of an Orlando Home Buyer offer?… so that the buyer can make an informed decision based on all the information and changes contained in the bank addendum? Is this intentional omission of the bank addendum scamming Orlando Home Buyers? Yep, I would say that the bank addendum IS scamming Orlando Home Buyers.
Copyright @ Buyers Broker of Florida 2012 “Is the Bank Addendum Scamming Orlando Home Buyers?”