Where a lot of real estate agents avoid short sales at all costs, I go directly at them head on. If you have a great team then short sales are a wonderful opportunity to make money and help homeowners at the same time.
Bank of America has just announced that they are giving homeowners up to $20,000 cash back at closing to sell their distressed home as a short sale rather than let them go to foreclosure. The short sale must be submitted to Bank of America for approval by November 30, 2011 to qualify and the property must close by August 31, 2012.
If you're an agent hurry and get your Bank of America clients submitted for short sale approval right away. If you are a homeowner going through financial difficulties and have a mortgage through Bank of America and are in default then speak to a local real estate professional about more details on this incentive.
Wells Fargo, CitiMortgage and other lenders are offering similar incentives. I just closed a deal yesterday on a short sale in which Chase was the lender. They paid the homeowner $20,000 at closing, the buyer received a very nice home at a great price and myself as a real estate professional was able to make this happen.
Another wonderful possible incentive with these programs is that in many instances the lender will waive the homeowner's deficiency judgment at closing.
For more information please feel free to call me at 561-628-0299 or email me at jtricoli@hotmail.com, I would be more than happy to help.
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