One of the new hot topics about short sales that was just announced last week in the middle of May 2012 was the brand new incentives that are being offered for Bank of America customers. This is a little bit similar and as well as a little bit different than some of the other banks and what they have previously done.
Bank of America, right now for a limited time only, is offering up to $30,000 payment for sellers to go ahead and do a short sale. A few things we do know about this program right now are this: The loan cannot be with Fannie Mae, Freddie Mac, FHA or VA. The second thing that we do know about this is this is for a limited time only, meaning you have to elect to do a short sale by the end of this year and have the process started and the property listed by that time frame. From there they are willing to offer up to $30,000 to certain homeowners if they meet the certain eligibility requirements. We actually have one client right now who is going to be getting $29,000 to be paid at the close of escrow to do a short sale because their loan is with Bank of America.
Some people who are eligible for this process may be getting a letter from Bank of America but I wouldn’t stop you from at least asking or attempting to know how to do this. It’s important to be working with the real estate agent who knows the in and outs and has a relationship with Bank of America to be able to establish if this program is eligible to you. Not every real estate agent knows about the different incentive programs that are going on with each different lender. And in fact, Bank of America has three different programs going on right now so it’s important to speak with somebody.
If you’d like to know more about this program, if you’re interested in short selling your house and getting paid up to $30,000 with Bank of America. Give me a call, I offer a free consultation to talk about this and we go over everything at that time.
Thank You very much for listening to my presentation: New Bank of America Incentives.