This is an absolutely fantastic program for B of A customers that qualify. We just had a short sale client of ours qualify for $15,000 at closing. Chase Mortgage is also offering a similar incentive program for some of their loans. FHA and HAFA are two other programs where borrowers can qualify for a monetary incentive.
Feel free to contact us to not only find out if you qualify for a short sale, but also to find out if you qualify for one of these incentive programs.
The Holli McCray Group: (865) 291-0355 Email Our Website
BofA Offering Up to $30K in Relocation Assistance for Short Sales
05/18/2012 By: Esther Cho, DSNews.com
Just days after Bank of America
officially announced its nationwide program offering up to $30,000 in
relocation assistance for short sales, a Massachusetts-based real estate
company revealed in a blog that one of its clients was approved to
receive $10,000.
“We knew this client was eligible for some relocation assistance but we did not realize it would be this much. It was a welcome surprise for our client who is having a hard time coming up with money to move,” said Anthony Lamacchia, owner and broker of Mcgeough Lamacchia Realty. “I think [BofA] is making many improvements across the board, and I applaud them for it.”
BofA posted the announcement in a statement Tuesday. In order to be eligible for the relocation assistance, BofA stated that the short sale must be initiated by the end of this year and close by September 26, 2013. Also, sellers must do their part and work proactively with the bank to obtain a preapproved sales price before submitting a purchase offer.
“We knew this client was eligible for some relocation assistance but we did not realize it would be this much. It was a welcome surprise for our client who is having a hard time coming up with money to move,” said Anthony Lamacchia, owner and broker of Mcgeough Lamacchia Realty. “I think [BofA] is making many improvements across the board, and I applaud them for it.”
BofA posted the announcement in a statement Tuesday. In order to be eligible for the relocation assistance, BofA stated that the short sale must be initiated by the end of this year and close by September 26, 2013. Also, sellers must do their part and work proactively with the bank to obtain a preapproved sales price before submitting a purchase offer.
The relocation expenses are offered at closing and can range from $2,500
up to $30,000, and the amount offered is determined on a case-by-case
basis, with variables such as the value of the home and amount owed
factored into the equation.
“This program can help customers make a planned transition from ownership when home retention options have been exhausted or they have made a decision not to keep the home,” said Bob Hora, home transition services executive for BofA.
Mcgeough Lamacchia Realty also posted an example of a cash incentive letter in which BofA outlined tips on how to more successfully complete a short sale.
The tips were to return all requested documents on time, respond quickly to counter offers, complete the release of subordinate liens where applicable, and stay in touch with your real estate agent.
In addition to the cash assistance offer, BofA also recently announced in April that it’s trimming response times for short sales down to 20 days. However, real estate professionals must do their part and submit five documents for a complete short sale package when initiating the process.
The five documents are a purchase contract including Buyer’s Acknowledgment and Disclosure HUD-1; IRS Form 4506-T; Bank of America Short Sale Addendum, which includes the Agent Certification form; and Bank of America Third-Party Authorization Form.
According to a BofA statement, the bank has completed 200,000 short sales in the last two years and another 30,000 in the first quarter of 2012.
“This program can help customers make a planned transition from ownership when home retention options have been exhausted or they have made a decision not to keep the home,” said Bob Hora, home transition services executive for BofA.
Mcgeough Lamacchia Realty also posted an example of a cash incentive letter in which BofA outlined tips on how to more successfully complete a short sale.
The tips were to return all requested documents on time, respond quickly to counter offers, complete the release of subordinate liens where applicable, and stay in touch with your real estate agent.
In addition to the cash assistance offer, BofA also recently announced in April that it’s trimming response times for short sales down to 20 days. However, real estate professionals must do their part and submit five documents for a complete short sale package when initiating the process.
The five documents are a purchase contract including Buyer’s Acknowledgment and Disclosure HUD-1; IRS Form 4506-T; Bank of America Short Sale Addendum, which includes the Agent Certification form; and Bank of America Third-Party Authorization Form.
According to a BofA statement, the bank has completed 200,000 short sales in the last two years and another 30,000 in the first quarter of 2012.
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