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Banks pay delinquent borrowers $35,000 to sell their homes. In short sales, homes are sold for less than what is owed and the bank forgives the excess debt. Banks have been reluctant to approve such deals in the past — since they take a loss on the home — but in certain cases, it’s become a much better proposition than letting the homeowner fall into foreclosure.
Here is an email we just recieved from Bank of America. For short sales with Bank of America in the state of Florida, they are now offering up to $20,000 for sellers to participate in a short sale in many cases. With this program, Florida home owners can get cash back for a short sale with Bank of America!
If you are a busy short sale agent, then you probably have already heard about Bank of America’s Short Sale Relocation Assistance Program. It’s a pretty good deal for those who qualify-between $2500 and $30,000 payable to the short sale seller at closing.
Bank of America encourages distressed homeowners to explore a short sale as a viable option for avoiding foreclosure. To that end, for a limited time we are offering enhanced relocation assistance to help motivate homeowners to engage with us on a pre-offer short sale.
Bank of America is offering homeowners up to $30,000 to sell their homes in a short sale. The nationwide program, announced this week, is the expansion of a pilot program that started in Florida last year. That program offered homeowners $5,000 to $20,000, with the average payout being $12,000.
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If you have a home loan through Bank of America and you are currently concerned about making your payments or your home is worth less than you owe, you may qualify for a short sale incentive from BoA.They refer to it as an ‘enhanced relocation assistance payment’. To qualifying home owners/sellers, this could mean a check given to you for up to $30,000 after a successful short sale closing!