There are a lot of new incentive programs out there that actually pay homeowner’s money to go ahead and Short Sale their homes. For many reasons, some bank do this, but most notably it is to get homeowners to participate in a Short Sale rather than a Foreclosure, which could cost the banks to lose more money than they would through a Short Sale process.
Some of these incentives offer homeowners, anywhere from a thousand up to thirty thousand dollars when they sell their home. They are all different and have their own different guidelines and requirements and order to allow this to happen. Many of them are also very complex in regards to the requirements. The most important thing to remember with all of these programs is this, even if they have their guidelines in place and you meet all of these guidelines, many times it will still be up to the bank, the investor, or the government, whether they will decide to allow you to receive this money or not. It is completely voluntary on their part.
Let’s talk about some of these programs. The most well-known and implemented program in the Government Short Sale Program is known as HAFA (Home Affordable Foreclosure Alternatives). There are 3 different versions of HAFA all having different requirements, but essentially they will allow you to receive $3,000 for relocation and moving expenses. Even if you meet all the requirements for this program, it will be up to all your lenders to agree and allow you to do this.
Many real estate agents are not completely knowledgeable about these programs, how they work, their requirements, and the paperwork involved and can actually do you a disservice by not applying you for these programs in your Short Sale. Not only that, but they could be implemented incorrectly, resulting in you being disqualified from them, if the paperwork is done wrong.
I’m certified as a HAFA Specialist, meaning I know all of the up to date provisions of this program. When we talk we can go over your case to determine your eligibility, but nonetheless, we still submit all of our short Sales as HAFA, to ensure you potentially receive $3,000 if you meet the requirements. From there, each bank is starting to offer their programs. Bank of America, FHA, VA, Chase, Wachovia, Wells Fargo, as well as many other banks, offer their own incentive program and new ones are coming out all the time. It’s important to work with someone who knows about all of these programs and their requirements, so you don’t leave money on the table when doing a short sale. I will say, I have completed a lot of HAFA Short Sales, as well as all of the other lender incentive programs for our clients. Resulting in, our clients receiving anywhere from $1,000 to $20,000 at closing. Be sure that whoever you work with knows everything there is to know about the programs your bank offers, whether or not you would apply. If for any reason you are not eligible for these programs, do understand you can still proceed into a Short Sale. It just means you will not receive any money in the process, but at the same time, the process will not cost you anything at all.
In my free no-obligation consultation, I go over this with my clients, and talk extensively about their options. Because these programs have become so extensive, I simply can’t talk all about them in this video.
This has been my presentation, on “Getting Paid to Do a Short Sale”. Give me a call to setup your free no-obligation consultation, over the phone or in person, and we can go over any specific question that you may have, and determine your eligibility for any of these programs.
Thank You very much for listening to my presentation on Getting Paid To Do a Short Sale