Banks offer cash for completed short sales

Incentive helps bank minimize losses.

 Bank of America launched a nationwide program that offers delinquent mortgage customers an opportunity to prevent foreclosure, minimize damage to their credit scores and walk away with some extra cash for relocation expenses.  With an already strong and solid short sale initiative, this short sale relocation assistance program has already led to 200,000 completed short sales in the last two years and another 30,000 in the first quarter of 2012.

In order to qualify, borrower must work proactively with the bank to obtain a pre-approved sales price prior to submitting a purchase offer for review and approval.  To be eligible for this program, the short sale must be initiated by the end of this year and close escrow by September 26, 2013. 

The relocation assistance provides borrowers anywhere from $2,500 to $30,000 at the completion of a qualifying short sale.  The average payout has been around $12,000. 

In addition to the relocation assistance being offered to qualifying short sales, there has been a significant decrease in the time it takes to approve a short sale.  The process has been streamlined by real estate agents’ use of the Equator system – which keeps banks and agents in communication about the status of a short sale. 

In our experience with Bank of America short sales, we have had approvals come in as little as a few weeks.  We have also seen the relocation assistance payments be presented to sellers, often times on top of the HAFA incentive payment being offered.

If you would like to see if you are eligible to participate in this program, contact us.

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Mary Ellen Haywood
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Pacific Sotheby’s International Realty
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