If you follow me on Facebook or Twitter you will already know that last week I received a notice from Bank of America that for a limited time, they are offering a relocation incentive of up to $30,000 to homeowners who complete a short sale. WOW. No you did not just hallucinate. Thirty. Thousand. Dollars. For completing a short sale of your Sacramento home.
If you are a homeowner with a Bank of America mortgage and are considering a short sale, you must list the house as a short sale and allow your agent to "initiate" the short sale in BofA's online short sale management portal (aka, the Equator system), so your file can be reviewed by Bank of America loss mitigation.
Per Bank of America, the relocation assistance payment is calculated based on the appraised
value of the homeowner's short sale property. The total amount will be no less than
$2,500, but no more than $30,000. The payment will be delivered at the
time of closing if the homeowner complies with all terms and conditions
of their short sale agreement, which includes but are not limited to the
following: a full walk-through appraisal must be completed and the
homeowner must satisfy all junior liens and provide clear title for the
property (the relocation assistance payment can be used to clear those
liens). The short sale must close by September 26, 2013. If the
homeowner does not comply with all terms and conditions of their short sale agreement, they will not receive the relocation assistance payment.
I can help you navigate this BofA short sale process if any of that sounded like a foreign language to you.
As I mentioned, per Bank of America, this is a limited time program...while the short sale must close by September 26, 2013, the program must be initiated prior to then -- however they have not specified an initiation expiration date. If you are a Sacramento-area homeowner, have a Bank of America mortgage and need to do a short sale, I welcome your call.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment