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Boise, Idaho Homeowner Receives $13,000 Selling Their Home As A Short Sale

By Kasey & John Boles

Managing Real Estate Broker with Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com Designated Broker DB29503

April 09, 2012 06:19 AM

Post written by John Boles

I recently closed a short sale where my Seller client received $13,000 at closing as a Short Sale Relocation/Seller Incentive and was also released from any further liability for the deficiency. It is possible. See the approval letter below.

Does this happen all the time? No.

When Sellers do receive compensation at closing it is generally between $750-$3,000. The situation where the clients received the $13,000 was from a Servicer (Bank) that does offer substantial compensation on some of the loans they service for completion of a short sale. Depending on the specific situation and the specifics of your loan(s) you too may be able to be paid to complete a short sale.

Not all short sale sellers and loans will qualify for cash compensation at closing but it happens often enough that you want to have an agent that knows how to get that compensation for you if it is available.

Read my next post to see that some “expert” short sale agents with “fancy designations” think that a seller can’t be paid at closing (I will include examples of their published forms that reflect this).

Drop me a line if you are considering selling your house.

John Boles - 208.830.6185

Boise Idaho Short Sale Approval

Treasure Valley Short Sale Approvals

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John McCormack, CRS

Albuquerque Homes Realty - Albuquerque, NM

Honesty, Integrity, Results, Experienced. HIRE Me!

Kasey,

This is huge for the Seller client receiving $13,000! I always like positive posts and even tho this isn't the normal I'm all for it!

Hope you have a great week ahead my friend.

Apr 09, 2012 06:49 AM

Andrea Bedard

Thompson Company, REALTORS® 240.593.2860 - Silver Spring, MD

Fluent in Real Estate & German, M.A. ABR ASP CIPS

Hi Kasey, 13K can go a long way when having to start offer! I wish we could hear more of these stories than the ones walking away with little to nothing. I have a buyer under contract on a short sale and we just received the approval letter .. the seller's relocation assistance was cut to $0. Breaks my heart.

Apr 09, 2012 02:11 PM

Kasey & John Boles

Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID

Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

Hi John, it is huge - and believe me it doesn't happen all the time so we don't want people to get the wrong impression about that, but wow, that's a lot of money.

Andrea, having the relocation assistance sure does help a seller be able to get out of their home and into a rental or wherever they are going. $13k is a lot, but even $500-$3000 that we see more often is something.

Apr 09, 2012 04:49 PM

Sherry Peckhoon Sim

Sims & Company - Cayucos, CA

Broker/Owner, Covering the Beautiful Central Coast

Hi Kasey, I did close one transaction last year where my seller actually received several thousands more than John's seller. It's a great help to my seller.

Apr 09, 2012 05:31 PM

Roy Kelley

Retired - Gaithersburg, MD

Thanks for sharing this short sale experience. Keep up the good work and have a most productive spring.

Apr 09, 2012 10:47 PM

Kathleen Daniels, Probate & Trust Specialist

KD Realty - 408.972.1822 - San Jose, CA

Probate Real Estate Services

Kasey, This type of compensation does happen however, in numbers, it is very rare. I attended a Wells Fargo short sale process update class last week. Many lenders stopped offer these incentive because not enough borrowers were taking the banks up on their offer. These offers were typically made on portfolio loans to very specific borrowers as an incentive to agree to short sale. It was cheaper for the bank than to foreclose. That said, everyone wants to ensure they hire an agent who knows their market and knows short sales ... incentives or not. Way to go on getting your client $13K!! You are one agent people want to call for help!

Apr 10, 2012 01:13 AM

Ron Marshall

Marshall Enterprises - Saint Michael, MN

Birdhouse Builder Extraordinaire

This is amazing. I am sending this on to some of the realtors I work with. Thanks.

Apr 10, 2012 05:17 AM

Hi Sherry, I have heard of more as well - at that point I am just so amazed it is worth it to the bank to pay out that much, but, well, I guess if they are offering :-)

Roy, thank you so much and a happy and productive spring to you too!

Kathleen, you are so right. It is very rare. We actually as a general rule don't advertise this sort of thing to the public as a means of getting our phone to ring because it is so rare we don't want to mislead the public. But getting $500-$3000 is much more common, we do see that a lot actually. We did this post though, because John did just close one and it IS possible and you don't know unless you know :-)

Ron, thanks. If you ever know anyone that needs to do a short sale in the Boise, Idaho area send them our way :-)

Apr 10, 2012 10:18 AM

Boise, Idaho Homeowner Receives $13,000 Selling Their Home As A Short Sale

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