moving money
Does anyone know of any program that helps distressed homeowners with moving expenses. we have short sale approval but they did not qualify for any of bofa assistance hafa or coop. (california property)
Replies to This Discussion
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Permalink Reply by Smitty on
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Other than HAFA I'm not aware of any, however, I've gotten moving expenses just by asking from some lenders.
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Permalink Reply by Rita Flood on
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thanks we did ask. bofa said no.
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Permalink Reply by Kevin - Greenville, SC on
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05/15/12
Short Sale Relocation Assistance Program:
Your clients could receive $2,500 to $30,000 in relocation assistanceYour financially distressed clients want to avoid foreclosure. You want to help them. So do we!
That’s why Bank of America is excited to announce that for a limited time, we are offering enhanced relocation assistance payments in which qualified homeowners who initiate a short sale without an offer could be eligible to receive $2,500 - $30,000* in relocation assistance and owe no more on their mortgage with the sale of their property.
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Permalink Reply by Kimberley Kelly on
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Yeah, but that's before the offer! How would this help her now????
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Permalink Reply by Satar Naghshineh on
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No program. You will need to create one. At this point you do not agree with the terms of the Short sale because you were counting on having 3k (or whatever) to move. You tell the buyer that you are taking any after market fixtures and anything else not on the purchase contract unless they want to buy it from you or you might not even sell. Once you put it out there that you are not agreeing to the short sale because you do not have money to move, then someone will attend your private garage sale. ;)
Oh, the thing that will control this in your favor is the grant deed that needs to be signed and notarized. You will take this to any UPS store or have escrow notarize it, but you hold onto it until someone gives you money for the items you are selling, such as the carpet you installed in the bedroom after you bought the property.
I am a California broker so if you need more help, feel free to contact me.
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Permalink Reply by Jeff Payne on
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Satar, with all due respect, I hope that they dont take your advice and start taking fixtures out of the home to try to get more money from the buyer.
Rita, if your seller can get out of this mess with a short sale, keep them focused on the big picture of getting this behind them. Simply ask the lender for moving money and if they say NO, then get the darn thing closed without moving money, it is still in your sellers best interest
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There key point here is that these are after market fixtures. For example, if you installed ceiling fans after you bought your home, you can exclude them from the short sale. The ceiling fans cannot have been there before you bought the place as the appraisal probably took those into consideration when your lender financed you the loan.
Also, keep in mind that a short sale approval is a contingency. Should the terms of the contingency change, you no longer have a contract. If a buyer offered 300k and the short sale lender states that it will take 310k, then the seller has the option of walking away (among counter the buyer or put up the 10k difference). So if the seller does not approve of the short sale approval letter, then the seller has the right to counter the terms or walk.
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Satar, I understand the spin you are trying to put on it but it is borderline in my opinion to start telling someone to remove these items and can certainly harm the seller in the end. When those ceiling fans get installed they become fixtures and are not personal property, at least in my state. If my buyer writes a contract on a home, they are purchasing it WITH the attachments/fixtures, not without. If a seller were to remove, they could very well be in breach of the contract. What happens if the bank approves the short sale and now the seller takes your advice and removes all of the fixtures?
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I am a Short Sale Agent in California and this is nuts! If you are going to ask for $ outside of Escrow for personal items, do it in the original listing! Sounds like bad advice to me..
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You are correct, ideally it should be excluded in the listing and in the purchase contract. However, because of reasons given to Jeff, the seller can counter the terms when they get short sale approval.
By the way, I haven't met a sane short sale transaction yet. However, I do admit that I am nuts, so that is a key factor. ;)
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I didn't realize you were the listing agent. I thought you were the owner. Any transactions or agreements of the transfer and sale of personal property must not be associated with the real estate transaction. Neither broker should promise, acknowledge, assist or facilitate the brokerage of personal property. It has to be an independent transaction between two private individuals.
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