Has anyone who used NACA purchased through the REO list / foreclosure program?
I'm looking for information from someone who has gone through this experience. I am a bit confused about the process....
Mainly - what was your experience with the 10 discount points?!
Starting Score: 526 EXP 09/2012 600 FICO 10/2012 608 EX (lenderpull)11/2012 
Thanks for responding!
I went to a NACA workshop last Saturday but there were so many "one-off" questions and dozens of people waiting to ask specific, personal questions to the presenter, that I didnt ask about the REO list. we had already been in there for 3 hours and I just wanted to go.
What I found out about REO list before the workshop:
If you email nacared@naca.com and request to subscribe to the BOA REO mailing list, you get weekly emails with REO properties across the country (in an excel sheet). Some are still be evaluated before being placed on the market but ALL are foreclosed.
The following information is also included in the email (See below between >>>>>> <<<<<<<). But its mostly gibberish to me, other than the 10discount points. I'm meeting with a realtor nextweek who is NACA certified so I can ask all my questions to one person in-person.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
NACA – Bank of America REO Homeownership Initiative
Realtor Information Sheet
Information to Prepare Purchase & Sale Contract for NACA Member
Properties listed on MLS in excess of 14 days(from day 15 forward)
• 10 discount points are not available for properties listed in excess of 14 days.
• NACA buyer(s) offers presented after the property is on the market in excess of 14 days are viable offers & MUST be reviewed by the asset
manager & accepted or declined on the merits of the offer. An REO property being on the market in excess of 14 days does not mean a
NACA buyer cannot purchase the property. The lender funding the NACA loan WILL close & fund on a BoA REO property that has been on
the market in excess of 14 days. If the asset manager refuses to review &/or accept a NACA offer solely because the property has been on the
market in excess of 14 days contact the NACA National Real Estate Director...nacared@naca.com
• A Bank of America Pre-Qualification is not required for a NACA Buyer on any BoA REO
Pre-marketing(pre-listing) Offer Process: Valuation List Properties prior to listing on MLS
NACA buyers can request to view the property through Bank of America’s REO listing agent
prior to the list date. Arrangements must be made with REO listing agent
for NACA buyers accompanied by their realtors to gain entry to the property.
At this stage the value has not been set.
• The buyer’s agent will need to submit a letter of intent to purchase the property to the BoA REO Listing Agent and
• BoA will inform the REO Asset Manager that a NACA buyer is interested in the property and that the property WILL
• When BoA receives their value the buyer's agent will be notified of the value by the REO Listing Agent. After value is
• If buyer moves forward with purchasing property. Please follow instructions below for writing an offer.
To write an offer on a property on the Valuation List PRIOR to listing on MLS & AFTER value is set.
• A Bank of America Pre-Qualification is not required for a NACA Buyer on any BoA REO
• Copy of letter from BoA waiving pre-qualification requirement for NACA buyers must be included with offer to provide clarification
for the REO Listing Agent
• NACA Broker/Agent Qualification letter must be included with offer
• Prepare Purchase & Sale Contract package per NACA guidelines
• 60 day close of escrow
• earnest money 1% of purchase price
• Email Purchase & Sale contract and any applicable amendment(s) &/or addenda to the REO Listing Agent & to
nacared@naca.com. (this allows NACA to track the offer to ensure it is processed in timely manner by REO listing agent &
asset mgr)
• BoA REO # – NACA OFFER – Buyers’ full name - complete property address. must be in email subject line
• BoA will contact REO Asset Manager and confirm property WILL NOT be placed on market until the NACA member’s offer is
reviewed and decisioned.
• The Seller(Bank of America) is contributing 10 discount points to NACA buyers & credit at closing for up to $350.00 for property
inspection on a full original list price offer. The request for the 10 discount points & credit for property inspection MUST BE
WRITTEN in the purchase contract &/or an amendment(whichever is applicable).
to nacared@naca.com confirming the buyer wants to purchase the REO property. An email stating the buyer is
interested in purchasing the property with buyers' names, property address and REO number is all that is needed to
satisfy the requirement for a letter of intent to purchase.
NOT be placed on the market.
determined the buyer will have two days to determine if the buyer will submit an offer to match BoA’s value(assuming
buyer can qualify for list price amount) or terminate letter of intent
Page 2 of 2
Offers: Available Properties listed on MLS from day One(1) to day Fourteen(14)
To write an offer on a property on the Available List after listed on MLS from day One(1) to day Fourteen(14)
• A Bank of America Pre-Qualification is not required for a NACA Buyer on any BoA REO
• Copy of letter from BoA waiving pre-qualification requirement for NACA buyers must be included with offer to provide clarification
for the REO Listing Agent
• NACA Broker/Agent Qualification letter must be included with offer
• Prepare Purchase & Sale Contract package per NACA guidelines
• 60 day close of escrow
• earnest money 1% of purchase price
• Email Purchase & Sale contract and any applicable amendment(s) &/or addenda to the REO Listing Agent & to Email Purchase &
Sale contract and any applicable amendment(s) &/or addenda to nacared@naca.com. (this allows NACA to track the offer to
ensure it is processed in timely manner by REO listing agent & asset mgr)
• BoA REO # – NACA OFFER – Buyers’ full name - complete property address. must be in email subject line
• The Seller(Bank of America) is contributing 10 discount points to NACA buyers & credit at closing for up to $350.00 for property
inspection on a full original list price offer. The request for the 10 discount points & credit for property inspection MUST BE
WRITTEN in the purchase contract &/or an amendment(whichever is applicable). These discount points are available from MLS
list date to 14 days after MLS list date. On the 15th
for property inspection are no longer available but the property can still be purchased by a NACA buyer.
• Please read carefully. Multiple Offer Situation Applicable after 14 day list period.
1. If another buyer’s offer is received by the BoA REO listing agent within 2 days of receipt of NACA
buyer’s offer
2. And the other offer is 6% or more than the NACA buyer’s offer
3. BoA REO Listing Agent will email a Multiple Offer Disclosure Form to the NACA buyer’s agent
requesting the NACA buyer submit their Highest & Best offer.
4. The time frame allowed for the NACA buyer’s response to the request for Highest & Best Offer will be
included in the Multiple Offer Disclosure Form
5. If there are multiple offers which are in compliance with 1 & 2, and after receiving the NACA buyer’s
response to the request for Highest & Best Offer, Bank of America reserves the right to review and
accept the highest and best offer.
Recommended wording in Purchase & Sale Contract is Seller/Bank of America will allocate 10 discount points which equals
$______________to be applied towards buy down of interest rate. Seller/Bank of America will credit at closing up to $350.00 for property
inspection. This must be written in the Purchase & Sale Contract or an amendment(whichever is applicable).
• “Buyer’s Closing must occur in NACA office & a NACA approved Settlement
Agent must conduct the closing” must be written in the Purchase & Sale
Contract or an amendment (courtesy list of settlement agents can be obtained at local NACA office)
• Contact local NACA office for name and contact information for NACA approved Settlement Agent.
• Option Period/Due Diligence: NACA recommends a minimum of 10 days
• Property inspector must be NACA approved(courtesy list can be obtained at local NACA office)
• Property Inspection cost, up to $350.00, will be credited to buyer on HUD1 at closing by BoA. For NACA member to receive this
benefit this must be included in the purchase & sale contract, amendment or addendum(whichever is applicable)
• Wood Destroying Insect Inspector can be any inspector NACA member chooses but the inspector
must be properly licensed, insured etc. This is a buyer expense & will not be reimbursed by BoA.
• Prepare Purchase & Sale Contract package per NACA guidelines
• 60 day close of escrow
• earnest money 1% of purchase price
Email Purchase & Sale contract and any applicable amendment(s) &/or addenda to the REO Listing Agent & to
For questions &/or clarification my contact information is below:
Rachelle Pride
NACA- National Director of Real Estate
425 519 6222
nacared@naca.com
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