Here is a link to a story in the St Pete Times regarding Bank of America's short sale incentive in program in Florida. My team is working on quite a few right now and we are very concerned with how these short sales are going to turn out. Bank of Americas is telling people they are eligible for an incentive that is equal to 5% of the principal balance, but they are not telling us what the guidelines are or if the people will indeed get the incentive money. My concern is that the sellers hear they are eligible and think that they will receive the incentive money, but then at the end of the process will find out that they qualified to short sale but not to receive the incentive money.
This is a great program and people should be happy to receive any incentive at all! The issue is with the way the program is being handled. The expectations are being set way too high and in the end Bank of America is going to have a lot of angry and disappointed sellers.
Steve Capen
Steve Capen & Associates - Keller Williams Realty
727-348-2211
www.pinellascountyshortsales.com
Comments(3)