The overriding concept that sellers who short sell their homes cannot receive a penny in proceeds isn’t always necessarily true.
In addition to the Home Affordable Foreclosure Alternative program, Bank of America also is offering on a limited bases a Short Sale Relocation Assistance program to qualifying sellers who apply and are approved for a pre-approved short sale.
This changes the timeline involved with a short sale, inasmuch as sellers need to apply for the B of A Short Sale Relocation Assistance program before they have an offer in hand. Then, working through their listing agent and hand in hand with Bank of America, they may be eligible to receive anywhere from $5,000 to $30,000 in relocation assistance.
Call Jonathan at 602-502-9693 today to find out if you’re eligible!
Keep in mind, this does not necessarily mean a check’s being cut at the close; for instance, if you have a second loan on your home, the program monies may be assigned to cover the financial demands of the second lender.
But participation does make your home more attractive to buyers because the biggest variable involved in a short sale – the price the bank will accept – is being resolved up front, which makes the purchase from a buyers’ perspective little different than a traditional sale.
For those who love fine print, here you go …
- The relocation assistance payment is calculated based on the appraised value of the homeowner’s property. The total amount will be no less than $5,000, 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 the Short Sale Agreement, which include 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 Sept. 26, 2013. If the homeowner does not comply with all terms and conditions of the Short Sale Agreement, they will not receive the relocation assistance payment.
- The amount of any deficiency and relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms. We suggest that the homeowner contact the IRS or their tax professional to determine if they have any tax liability.
Again, this is a limited program so please call me today at 602-502-9693 or fill out the below form to find out if you’re eligible.
Help is available to those who simply ask.
