Bank of America Offering Relocation Money and Faster Track For Short Sales
The Inman News recently reported that Bank of America will provide up to $30,000 in relocation assistance to delinquent borrowers who work with the bank to obtain a pre-approved short sale price before submitting purchase offers.
According to B of A:
“The short sale relocation assistance program builds on the bank’s already robust short sale initiatives, which led to 200,000 completed short sales in the last two years and another 30,000 in the first quarter of 2012. This program is based on a similar incentive offer that Bank of America tested in Florida last year.
To qualify for the enhanced relocation assistance payments under the new program, the seller must work proactively with the bank to obtain a pre-approved sales price prior to submitting a purchase offer to the bank. A short sale must be initiated by the end of this year and close by September 26, 2013, to be eligible for the payment. Qualifying short sales that have already been started but have not closed may be eligible for the relocation assistance.
The amount of assistance provided under the new program will be determined on a case-by-case basis using a calculation that includes the value of the home, amount owed, and other considerations.”
Having worked on a number of short sales over the past few years (who hasn’t?), we know the process is a lot easier when the list price is pre-approved by the lender.
According to Inman’s article, customers who believe they may be eligible for Bank of America’s short-sale relocation assistance program may contact program specialists at (877) 459-2852. Qualifying short sales that have already started but have not closed may be eligible for the program.
Last month, Bank of America announced it was shortening decision times on short-sale offers to 20 days, down from 45 days or longer.