The story below was in this weeks C.A.R. Newsline. What it doesn’t say, this practice has been being used by other lenders for about six months. One lender I know has offered a seller a $35,000 incentive in their short sale. THE ONE MUST DO TO GET THE MONEY, THE SELLER HAS TO ASK FOR IT UP FRONT. So if you are in the unfortunate position of needing to short sale your property, please ask if they have an incentive relocation program and ask if there is a range. You will gain nothing if they don’t but could loose big if they do and you don’t ask.
Short Sale Soundoff: BofA begins pilot program in Florida
Bank of America has begun a pilot program in Florida, offering extra incentive payouts to distressed homeowners who agree to and successfully close on a short sale.
Incentive payments for relocation assistance range between $5,000 and $20,000. The program is being offered on a limited basis for investor-approved, pre-offer short sales.
Bank of America is calling it a pilot “test-and-learn” program. If successful in Florida, Bank of America says the “test-and-learn” could be expanded to other states.
Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com.
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